Please provide guidance in solving:

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 1 $ 19,000 $ 13,000 $ 12,000 $ 24,000 $ 88,000 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 Sales $ 238,000 75,000 Cost of goods sold Gross margin Selling and administrative expenses: 163,000 X Selling expenses 49,000 Administrative expenses 44,000 X 93,000 70,000 Net operating income $ Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Sales $ 238,000 Variable expenses: Cost of goods sold $ 70,000 X 28,000 Selling expenses Administrative expenses 14,000 112,000 Contribution margin (98,000) X Fixed expenses: Selling expenses Administrative expenses 19,000 44,000 X 63,000 Net operating income $ 65,000