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What am I missing? Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense

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Cherokee Inc. 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 Amount 11,000 $ 17 $ 1 $ 1 $ 20,000 $ 15,000 $ 12,000 $ 23,000 $ 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 Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Sales $ 187,000 Cost of goods sold 76,000 111,000 Gross margin Selling and administrative expenses: Administrative expenses Selling expenses $ 26,000 31,000 57,000 $ 54,000 Net operating income Required 1 > Required 2

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