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Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 13,000...

Cherokee Inc. is a merchandiser that provided the following information:

Amount Number of units sold 13,000

Selling price per unit $ 16

Variable selling expense per unit $ 2

Variable administrative expense per unit $ 2

Total fixed selling expense $ 18,000

Total fixed administrative expense $ 15,000

Beginning merchandise inventory $ 12,000

Ending merchandise inventory $ 25,000

Merchandise purchases $ 88,000

Required:

1. Prepare a traditional income statement.

2. Prepare a contribution format income statement.

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