Cherokee Incorporated is a merchandiser that provided the following information: Amount 14,000 $ 17 $ 1 $2 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. $ 22,000 $ 14,000 $ 10,000 $ 24,000 $ 85,000
Cherokee Incorporated is a merchandiser that provided the following information: Amount 14,000 $ 17 $ 1 $2 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. $ 22,000 $ 14,000 $ 10,000 $ 24,000 $ 85,000
Chapter10: Inventory
Section: Chapter Questions
Problem 11PB: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company,...
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