Sever Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Amount 12,000 15 $ 1 Variable administrative expense per unit $ Total fixed selling expense 20,000 Total fixed administrative expense beginning merchandise inventory $ 14,000 $10,000 Ending merchandise inventory Merchandise purchases $ 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 Selling and adminia * 2 @ 2 Homework Saved 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 contribution format income statement. Variable expenses Cherokee, Inc. Contribution Format income Statement Fixed expenses 4 22 78 2 #3