Cherokee Incorporated is a merchandiser that provided the following informati Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 13,000 $ 16 $1 $2 $ 21,000 $ 14,000 $ 10,000 $ 24,000 $ 89,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Cherokee Incorporated is a merchandiser that provided the following information
Number of units sold
Selling price per unit
Variable selling expense per unit
Variable administrative expense per unit
Total fixed selling expense
Total fixed administrative expense
Beginning merchandise inventory
Ending merchandise inventory
Merchandise purchases
Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement,
Required 1
Required 2
Complete this question by entering your answers in the tabs below.
Prepare a contribution format income statement.
Cherokee, Incorporated
Contribution Format Income Statement
Sales
Variable expenses
Must of de old
74 nnal
es
Amount
$
13,000
$ 16
$1
$2
$ 21,000
$ 14,000
$ 10,000
$ 24,000
$ 89,000
208,000
Transcribed Image Text:Cherokee Incorporated is a merchandiser that provided the following information Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement, Required 1 Required 2 Complete this question by entering your answers in the tabs below. Prepare a contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Sales Variable expenses Must of de old 74 nnal es Amount $ 13,000 $ 16 $1 $2 $ 21,000 $ 14,000 $ 10,000 $ 24,000 $ 89,000 208,000
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