Exercise 1-6 Traditional and Contribution Format Income Statements (L01-6] Cherokee Inc. is a merchandiser that provided the following information: Amount 12,000 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases $ 20,000 $ 15,000 $ 9,000 $ 26,000 $ 86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Selling and administrative expenses: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Variable expenses: Fixed expenses