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Theroki he. 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. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cherokee, Inc. } \\ \hline \multicolumn{5}{|c|}{ Traditional Income Statement } \\ \hline Sales & ( & & $ & 216,000 \\ \hline Cost of goods sold & ( & & & 71,000 \\ \hline Gross margin & & & & 145,000 \\ \hline \multicolumn{5}{|c|}{ Selling and administrative expenses: } \\ \hline Administrative expenses & ( & 24,000 & & \\ \hline Selling expenses & & 12,000 & & \\ \hline \multirow[t]{2}{*}{ Administrative expenses } & ( & & & \\ \hline & & 109,000 & & 145,000 \\ \hline Net operating income & ( ) & & $ & 66,000 \\ \hline \end{tabular} Wre a contribution format income statement
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