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 13,000 $ 18 $ 2 $ 1 $ 20,000 $ 16,000 $ 11,000 $ 24,000 $ 89,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required Prepare a contribution fo Required 2 tatement. Cherokee, Incorporated Contribution Format Income Statement Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses $ 76,000 26,000 13,000 Contribution margin Fixed expenses: Selling expenses 20,000 Administrative expenses 16,000 Net operating income $ 234,000 115,000 119,000 36,000 $ 83,000 Cherokee Incorporated 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 13,000 $ 18 $ 2 $ 1 $ 20,000 $ 16,000 $ 11,000 $ 24,000 $ 89,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Sales $ 234,000 Cost of goods sold 76,000 Gross margin 158,000 Selling and administrative expenses: Selling expenses $ 33,000 Administrative expenses 29,000 62,000 Net operating income $ 96,000 Required 1 Required 2 >