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Please help. I don't know if my answers are correct but this is what I have so far. Thank you! Cherokee Inc. is a merchandiser

image text in transcribedimage text in transcribedimage text in transcribed Please help. I don't know if my answers are correct but this is what I have so far. Thank you!

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 10,000 $ 16 $ 1 $ 2 $ 21,000 $ 14,000 $ 8,000 $ 25,000 $ 87,000 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, Inc. Traditional Income Statement Sales $ 160,000 70,000 90,000 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 31,000 34,000 65,000 25,000 Net operating income $

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