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 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 13,000 18 $21,000 $ 14,000 $10,000 $ 25,000 $86,000 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. Cherokee, Inc Traditional Income Statement Selling and administrative expenses Required 1Required 2 Prepare a contribution format income statement. Cherokee, Inc Contribution Format Income Statement Variable expenses Fixed expenses