Exercise 1-6 Traditional and Contribution Format Income Statements [LO1-6] Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 20,000 Selling price per unit Variable selling expense per unit 30 4 Variable administrative expense per unit Total fixed selling expense S 40,000 $30,000 S 24,000 44,000 $180,000 Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 2. Prepare a contributlon tormat 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 Sales 800.000 Cost of goods sold 180,000 Gross margin 440,000 Selling and administrative expenses Selling expenses 120.000 Administrative expenses 70,000 190,000 Net operating 250,000 income Required 1 Required 2 > Required: 1. Prepare a traditlonal Income statement. 2. Prepare a contributlon format Income statement. 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: 0 Fixed expenses: 0