Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Selling and administrative expenses:Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Variable expenses: Fixed expenses:Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold l, Selling price per unit $ 1? variable selling expense per unit 5 1 variable administrative expense per unit 5 2 Total fixed selling expense $13,09 Total fixed administrative expense $14,0D Beginning merchandise inventory $1, Ending merchandise inventory $22,0D Merchandise purchases $35,00 Required: '1. Prepare a traditional income statement. 2. Prepare a contribution format income statement