k mode : This shows what is correct or incorrect for the work you have does not indicate completion. Exercise 1-6 Traditional and Contribution Format Income LO1-6] Cherokee Inc. is a merchandiser that provided the following information: Amount 11,000 16 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 $18,000 s 13,000 $9,000 23,000 90,000 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 2 Prepare a traditional income statement. &Answer is not complete. 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 Variable expenses: Beginning merchandise inventory Ending merchandise inventory Selling expenses Administrative expenses 0 Contribution margin Fixed expenses: Selling expenses Administrative expenses Net operating income