Exercise 1-6 Traditional and Contribution Format Income Statements (LO Cherokee Inc. is a merchandiser that provided the following information: 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 Amount 13,000 $ 17 $ 2 $ 2 $ 19,000 $ 15,000 $ 12,000 $ 23,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement ces Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement. $ 221,000 Cherokee, Inc. Contribution Format Income Statement Sales Variable expenses: Cost of goods sold $ 77,000 Selling expenses