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 11,000 17 1 3 $ 21,000 $ 15,000 $ 8,000 $ 25,000 $ 86,000 points Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Answer is not complete. 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 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses $ 32,000 187,000 69,000 118,000 Administrative expenses 48,000 80,000 38,000 Net operating income $ Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement. $ 187,000 Cherokee, Inc. Contribution Format Income Statement Sales Variable expenses: Cost of goods sold 69,000 Selling expenses 11,000 Administrative expenses 33,000 113,000 Fixed expenses: Selling expenses Administrative expenses 21,000 15,000 36,000 Net operating income Required 1 Required 2