Exercise 1-6 Traditional and Contribution Format Income Statements [LO1-6] Cherokee Inc. is a merchandiser that provided the following information: points Amount 14,000 17 1 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 eBook $ 19,000 $ 14,000 $ 12,000 $ 23,000 $ 89,000 Print Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. References 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 Cost of goods sold Gross margin Selling and administrative expenses: Administrative expenses $ 56,000 Selling expenses 33,000 238,000 78,000 160,000 89,000 71,000 Net operating income $ Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement. ......... .................... $ 238,000 Cherokee, Inc. Contribution Format Income Statement Sales Variable expenses: Cost of goods sold 78,000 Administrative expenses 42,000 Selling expenses 14,000 134,000 Fixed expenses: Net operating income $ 71,000