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1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 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
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 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
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