Prepare a traditional income statement. Sales Cost of goods sold Gross margin Cherokee, Incorporated Traditional Income Statement $ 170,000 (70,000) 100,000 Selling and administrative expenses: Selling expenses $ (10,000) x Administrative expenses (20,000) x Selling expenses (18,000) x Administrative expenses (16,000) x (64,000) Net operating income $ 36,000 < Required 1 Required 2 > 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 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 10,000 $ 17 $ 1 $ 2 $ 18,000 $ 16,000 $ 9,000 $ 25,000 $ 86,000 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 $ 170,000 Cost of goods sold (70,000) Gross margin 100,000 Selling and administrative expenses: Selling expenses $ (10,000) Administrative expenses (20,000) Selling expenses Administrative expenses (18,000) (16,000) (64,000) Net operating income $ 36,000