Required: 1. Prepare a traditlonal Income statement. 2. Prepare a contributlon format Income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Variable expenses: 0 Fixed expenses: 0 2. Prepare a contributlon tormat 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 800.000 Cost of goods sold 180,000 Gross margin 440,000 Selling and administrative expenses Selling expenses 120.000 Administrative expenses 70,000 190,000 Net operating 250,000 income Required 1 Required 2 > Exercise 1-17 Classifying Variable and Fixed Costs and Product and Period Costs [LO1-3, LO1-4] Classify each cost as belng elther variable or fixed with respect to the number of units produced and sold. Also classify each cost as elther a perlod or a product cost. Preparing Predicting Cost Cost Item Financial Behavior Statements 1 Hamburger buns in a Wendy's restaurant. 2. Advertising by a dental office 3 Apples processed and canned by Del Monte. 4 Shipping canned apples from a Del Monte plant to customers 5 Insurance on a Bausch & Lomb factory producing contact lenses. 6. Insurance on IBM's corporate headquarters. Salary of a supervisor overseeing production of printers at Hewlett 7 Packard. 8 Commissions paid to automobile salespersons. 9 Depreciation of factory lunchroom facilities at a General Electric plant. 10. Steering wheels installed in BMWS