The comparative statements of Crane Company are presented here. CRANE COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales $1,549,400 $1,435,000 Cost of goods sold 867,000 824,920 Gross profit 682,400 610,080 Selling and administrative expenses 410,000 392,780 Income from operations 272,400 217,300 Other expenses and losses Interest expense 18,040 16,400 Income before income taxes 254,360 200,900 Income tax expense 76,308 60,270 Net income $ 178,052 $ 140,630

Cherokee inc. is a merchandiser that provided the following information: amount 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 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.

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