0.76Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements [LO1-6]Cherokee Incorporated is a merchandiser that provided the following information:Variable selling expense per unitVariable administrative expense per unitpointsSkippedNumber of units soldSelling price per uniteBookTotal fixed selling expenseTotal fixed administrative expenseHintEnding merchandise inventoryPrintReferencesBeginning merchandise inventoryMerchandise purchasesRequired:1. Prepare a traditional income statement.2. Prepare a contribution format income statement.Amount10,000$ 17$ 1$ 3$ 21,000$ 14,000$ 8,000$ 24,000$ 88,000McGrawHillComplete this question by entering your answers in the tabs below.Required 1 Required 2< Prev9 10 9NextCheck my work

Given Information:Number of units sold: 10,000Selling price per unit: $17Variable selling expense…

Answered: 0.7 6 Exercise 1-6 (Algo) Traditional…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 5PB: Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating,...

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Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
0 -nces 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 Prepare a traditional income statement. Complete this question by entering your answers in the tabs below. Cherokee, Incorporated Traditional Income Statement Amount Selling and administrative expenses: 11,000 $18 $1 $2 $ 22,000 $ 14,000 $ 11,000 $ 24,000 $ 86,000
7
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 traditional income statement. Cherokee, Incorporated Traditional Income Statement Amount Selling and administrative expenses: 13,000 $16 $ 1 $ 3 $ 20,000 $ 15,000 $ 11,000 $ 22,000 $ 90,000
es 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 Prepare a traditional income statement. Sales Cost of goods sold Cherokee, Incorporated Traditional Income Statement Amount Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Variable expenses: Fixed expenses:
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 inventoryt Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Required 1 Required 2 Prepare a traditional income statement. Complete this question by entering your answers in the tabs below. Cherokee, Incorporated Traditional Income Statement Amount Sales Cost of goods sold Gross margin Selling and administrative expenses: Variable manufacturing overhead 12,000 $18 $1 $2 $ 20,000 $ 16,000 $ 10,000 $ 25,000 $ 87,000 $ 216,000 10,000 25,000
please answer do not image format
1
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 Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Cherokee, Incorporated Contribution Format Income Statement Sales Variable expenses: Cost of aonde enld Amount (71.000) 10,000 $ 16 $ 2 $ 2 $ 21,000 $ 14,000 $9,000 $ 25,000 $ 87,000 $ 160,000✔ ||
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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