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Cherokee Incorporated is a merchandiser that provided the following information:

	Amount
Number of units sold	13,000
Selling price per unit	$ 17
Variable selling expense per unit	$ 1
Variable administrative expense per unit	$ 1
Total fixed selling expense	$ 19,000
Total fixed administrative expense	$ 14,000
Beginning merchandise inventory	$ 11,000
Ending merchandise inventory	$ 26,000
Merchandise purchases	$ 86,000

Required:

1. Prepare a traditional income statement.

2. Prepare a contribution format income statement.

Cherokee Incorporated 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 13,000 $ 17 $ 1 $ 1 $ 19,000 $ 14,000 $ 11,000 $ 26,000 $ 86,000 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, Incorporated Traditional Income Statement Sales $ 221,000 Cost of goods sold 71,000 150,000 Gross margin Selling and administrative expenses: Selling expenses Administrative expenses