Use the following information to answer the requirements below: Amount Number of units sold 10,000 Selling price per unit $ 16 Variable selling expense per unit $ 1 Variable administrative expense per unit $ 2 Total fixed selling expense $ 21,000 Total fixed administrative expense $ 15,000 Beginning merchandise inventory $ 11,000 Ending merchandise inventory $ 25,000 Merchandise purchases $ 87,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Selling and administrative expenses: 0Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Variable expenses: 0 Fixed expenses: 0