Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Cherokee Incorporated is a merchandiser that provided the following information: AmountNumber of units sold11,000Selling price per unit$ 16Variable selling expense per unit$ 1Variable administrative expense per unit$ 3Total fixed selling expense$ 22,000Total fixed administrative expense$ 15,000Beginning merchandise inventory$ 9,000Ending merchandise inventory$ 26,000Merchandise purchases$ 89,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.