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Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 12,000 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 17 3 $ 21,000 $ 15,000 $ 10,000 $ 25,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement 204,000 73,000 131,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses 45,000 Administrative expenses 51,000 96,000 35,000 Net operating income < Required 1 Required 2 >

Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 12,000 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 17 3 $ 21,000 $ 15,000 $ 10,000 $ 25,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement 204,000 73,000 131,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses 45,000 Administrative expenses 51,000 96,000 35,000 Net operating income < Required 1 Required 2 >

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 5PA: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to...
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Required:

1. Prepare a traditional income statement.

2. Prepare a contribution format income statement.

 

I cannot for the life of me figure out the second portion of this.

Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 12,000 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 17 2 3 $ 21,000 $ 15,000 $ 10,000 $ 25,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement 204,000 73,000 131,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: 45,000 51,000 Selling expenses Administrative expenses 96,000 Net operating income 35,000 Required 1 Required 2 >
Transcribed Image Text:Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 12,000 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 17 2 3 $ 21,000 $ 15,000 $ 10,000 $ 25,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement 204,000 73,000 131,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: 45,000 51,000 Selling expenses Administrative expenses 96,000 Net operating income 35,000 Required 1 Required 2 >
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 12,000 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 17 2 3 $ 21,000 $ 15,000 $ 10,000 $ 25,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Variable expenses: Fixed expenses: < Required 1 Required 2 >
Transcribed Image Text:Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 12,000 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 17 2 3 $ 21,000 $ 15,000 $ 10,000 $ 25,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Variable expenses: Fixed expenses: < Required 1 Required 2 >
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