I don't know if I recorded all the sections needed in the income statements and I need help with a few numbers. Thank you!

Exercise 1-6 Traditional and Contribution Format Income Statements [LO1-6] 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 Amount 13,000 17 1 2 $ 20,000 $ 15,000 $ 10,000 $ 26,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Sales $ 221,000 Cost of goods sold (75,000) 146,000 X Gross margin Selling and administrative expenses: Administrative expenses $ (53,000) X (45,000) X Selling expenses (98,000) 48,000 X Net operating income > $ Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Sales $ 221,000 Variable expenses: Cost of goods sold Selling expenses Administrative expenses 75,000 X 26,000 X 39,000 X 140,000 Contribution margin 21,000 X Fixed expenses: Administrative expenses 14,000 X 19,000 X Selling expenses 33,000 Net operating income $ 48,000 X