Cherokee Incorporated is a merchandiser that provided the following information: 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. Prepare a traditional income statement. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Cherokee, Incorporated } \\ \hline Cales & & \\ \hline Variable expenses: & & \\ \hline Administrative expenses & & \\ \hline Cost of goods sold & & \\ \hline Selling expenses & & \\ \hline & & \\ \hline & & \\ \hline Contribution margin & & \\ \hline Fixed expenses: & & \\ \hline Administrative expenses & & \\ \hline Variable manufacturing overhead & & \\ \hline Variable manufacturing overhead & & \\ \hline Variable manufacturing overhead & \\ \hline \hline Net operating income & \\ \hline \end{tabular} Required 1 Required 2
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