- HELLO 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 20,000 30 4 2 $ 40,000 $ 30,000 $ 24,000 $ 44,000 $ 180,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Beginning merchandise inventory Cost of goods sold | $ 24,000 UUUUUUUUUUUUUUUUUUUUUUUUUU Selling and administrative expenses