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 12,000 Selling price per unit $ 15 Variable selling expense per unit. $ 2 Variable administrative expense per unit $ 3 Total fixed selling expense $ 20,000 Total fixed administrative expense $ 16,000 Beginning merchandise inventory $ 9,000 Ending merchandise inventory Merchandise purchases $ 25,000 $ 85,000 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. Prepare a traditional income statement. Sales Cost of goods sold Cherokee, Inc. Traditional Income Statement $ 180,000 73,000 Selling and administrative expenses: Required 1 Required 2 > Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Variable expenses: Fixed expenses: 0 0 < Required 1 Required 2