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if you could explain how you found expenses, it would be much appreciated. thank you Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements [LO1-6]

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if you could explain how you found expenses, it would be much appreciated. thank you
Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements [LO1-6] 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 Amount 14,000 $ 17 $ 2 $ 2 $21,000 $15,000 $11,000 $24,000 $89,000 Required: 1. Prepare a traditional income statement 2. Prepare a contribution format income statement Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement $ 238,000 76,000 162,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses $ $ 21,000 28,000 49,000 Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Variable expenses: 0 Fixed expenses

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