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Cherokee Inc. is a merchandiser that provided the following information: Amount 13,000 17 int $...

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Cherokee Inc. is a merchandiser that provided the following information: Amount 13,000 17 int $ $ 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 $ 18,000 $ 16,000 $ 11,000 $ 25,000 $ 86,000 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 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 $ 600,000 Cost of goods sold 160,000 Gross margin 440,000 Selling and administrative expenses. Selling expenses 120,000 Administrative expenses 70,000 190,000 Net operating income Required 2 > Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Variable expenses. 0 Fixed expenses 0

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