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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 16 $ 1 1 $20,000 $15,000 $11,000 $22,000 $87,000 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, Inc. Traditional Income Statement Sales $ 208,000 76,000 132,000 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 0 Net operating income Cherokee, Inc. Contribution Format Income Statement Sales $ 208,000 Variable expenses: Cost of goods sold $ 76,000 Selling expenses Administrative expenses 76,000 Contribution margin Fixed expenses: Selling expenses Administrative expenses 0 Net operating income