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Exercise 1-6 (Algo) Traditional and Contribution Format Income S Cherokee Incorporated 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 11,000 $ 18 $ 2 $ 1 $ 21,000 $ 15,000 $ 10,000 $ 23,000 $ 88,000 Required: 1. Prepare a traditional income statement 2. Prepare a contribution format income statement. Answer is complete but not entirely corre Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. S Cherokee, Incorporated Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses S 43,000 Administrative expenses 26,000 198,000 76,000 122,000 69,000 53,000 X Net operating income S 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 11,000 $ 18 $ 2 $1 $ 21,000 $ 15,000 $ 10,eee $ 23,00 $ 88,eee Required: 1. Prepare a traditional Income statement 2. Prepare a contribution format Income statement. Answer is complete but not entirely Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement Cherokee, Incorporated Contribution Format Income Statement Sales $ 198.000 Variable expenses: Cost of goods sold IS 76.000 Selling expenses Administrative expenses 43,000 26.000 145.000 Contribution margin > 76,000 Fixed expenses: Selling expenses 32.000 >> Administrative expenses 37.000 69.000 Net operating income IS 53.000