2. value: 3.33 points Exercise 2-6 Traditional and Contribution Format Income Statements [LO2-6] 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 14,000 18.00 $ 1.00 1.00 $ 21,000 $ 14,000 $ 10,000 $ 24,000 $ 85,000 Required: 1. Prepare a traditional income statement. CHEROKEE, INC. Traditional Income Statement Sales $ 252,000 71,000 Cost of goods sold