Exercise 2-6 Traditional and Contribution Format Income Statements [L 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 11,000 S 16 S 20,000 S 14,000 S 10,000 S 24,000 S 87,000 Required 1. Prepare a traditional income statement. CHEROKEE, INC. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses elling expenses Administrative expenses 2 Prepare a contribution fomat income statement ^ . docx d' ^ Cost-Concepts-L docx Cost-Concepts-L Cost-Concepts-L docx O Type here to search 0 t