Cherokee Incorporated is a merchandiser that provided the following information: Amount 11,000 $ 16 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. $2 $2 $ 19,000 $ 14,000 $ 11,000 $ 24,000 $ 90,000

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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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.
Amount
11,000
$ 16
$2
$2
$ 19,000
$ 14,000
$ 11,000
$ 24,000
$ 90,000
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 inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 11,000 $ 16 $2 $2 $ 19,000 $ 14,000 $ 11,000 $ 24,000 $ 90,000
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