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

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 

Prepare a traditional income statement.