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Exercise 1-6 Traditional and Contribution Format Income Statements (LO1-6] Cherokee Inc. is a merchandiser that provided the following information Amount 20,000 30 $ 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 $ 30,000 $ 24,000 $44,000 $180.000 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 Required Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Sales 600.000 Variable expenses Cost of goods 160.000 sold Selling expenses 120.000 Administrative 70.000X expenses 350.000 Foxed expenses