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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 14,000 $ 17 $ 1 $ 1 $ 20,000 $ 16,000 $ 10,000 $ 23,000 $ 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 Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Selling and administrative expenses: 0 Required 2 > orokee, inc. Traditional Income Statement inces Administrative expenses Beginning merchandise inventory Cost of goods sold Direct labor 0 Pa Required 2 > Cherokee, Inc. Traditional Income Statement nts eBook Direct materials Hint Print Ending merchandise inventory Fixed manufacturing overhead Indirect labor References Indirect materials 0 und Required 2 Cherokee, Inc. Traditional Income Statement ok Manufacturing overhead mt Purchases an "ences Sales Selling expenses Variable manufacturing overhead 0 Requid Required 2 > Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Variables Fixed expenses