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 $ 20.00 30 $ 4 2 $ 40,00 $ 30,00 $ 24,00 $ 44, $ 180,00 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. S 600,000 160,000 Cherokee, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses 440,000 0 Net operating income $ 250.000 Required 2 >