Cherokee Inc. is a merchandiser that provided the following information: Number of units sold 20,000, Selling price per unit $30, Variable selling expense per unit $4, Variable administrative expense per unit $2, Total fixed selling expense $40,000, Total fixed administrative expense $30,000, Beginning merchandise inventory $24,000, Ending merchandise inventory $44,000, Merchandise purchases $180,000. Required1) Prepare a traditional income statement.2 )Prepare a contribution format income statement.