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Cherokee Inc. is a merchandiser that provided the following informati 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 12,000 $ 15 $ 2 $ 3 $ 19,000 $ 16,000 $ 9,000 $ 24,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs be Required 1 Required 2 Prepare a traditional income statement. $ Cherokee, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Administrative expenses 180,000 73,000 107,000 0