W1- Chapter 1 i 11 p/in dex.html?_con=con&extemal browser-08daunchUrl=https%253A% Saved Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Cherokee Inc. is a merchandiser that provided the following information: 5 oints Amount Number of units sold 13,000 Ask eBook Selling price per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases $ 16 Variable selling expense per unit $ 2 Variable administrative expense per unit $ 2 $18,000 $15,000 $10,000 $24,000 $89,000 References 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 contribution format income statement. Sales Variable expenses: Cherokee, Inc. Contribution Format Income Statement $ 160,000