J Cherokee Incorporated is a merchandiser that provided the following information: 10 points 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 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 m. * Answer is not complete. Complete this question by entering your answers in the tabs below. 10 points Required 1 Required 2 Prepare a traditional income statement. 600,000 OOO 160 000 440,000 Cherokee, Incorporated Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses s 120.000 Administrative expenses 70,000 Variable manufacturing overhead X Purchases X Net operating income 190.000 $ 250.000 Required Required 2 >