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 >

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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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