Cherokee Inc. is a merchandiser that provided the following information:Amount20,000$Number of units soldSelling price perVariable selling expense perVariable administrative expense per unitTotal fixed selling expenseTotal fixed administrative expenseunit30unit$4$2$40,000$30,000$Beginning merchandise inventoryEnding merchandise inventoryMerchandise purchases24,000$44,000$ 180,000Required:1. Prepare a traditional income statement.2. Prepare a contribution format income statement. Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs perunit over the relevant range of 58,000 to 98,000 units is given below:Required:1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below.Complete this question by entering your answers in the tabs below.Required 1Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unitvariable cost and fixed cost to 2 decimal places.)Units Produced and Sold58,00078,00098,000Total costs:Variable costs127,600Fixed costs460,000Total costs587,600$0 $Cost per unit:Variable costFixed costTotal cost per unit2$0.00$0.00$0.00%24%24

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Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 20,000 $ $ $ $ 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 30 4 2 40,000 $ 30,000 24,000 $ $ 44,000 $ 180,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 20,000 $ $ $ $ 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 30 4 2 40,000 $ 30,000 24,000 $ $ 44,000 $ 180,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

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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A merchandiser that provided the following information: Number of units sold 20,000 Selling price per unit $ 40 Variable selling expense per unit $ 5 Variable administrative expense per unit $ 2 Total fixed selling expense $ 40,000 Total fixed administrative expense $ 40,000 Beginning merchandise inventory $ 28,000 Ending merchandise inventory $ 46,000 Merchandise purchases $ 190,000. Prepare a traditional income statement. 2.Prepare a contribution format income statement.
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Cherokee Inc. is a merchandiser that provided the following information: Number of units sold 11,000 Selling price per unit $ 17.00 Variable selling expense per unit $ 1.00 Variable administrative expense per unit $ 1.00 Total fixed selling expense $ 21,000 Total fixed administrative expense $ 16,000 Beginning merchandise inventory $ 10,000 Ending merchandise inventory $ 26,000 Merchandise purchases $ 90,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.
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