Cherokee Incorporated is a merchandiser that provided the following information: Amount 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. 10,000 $ 16 $2 $2 $ 21,000 $ 14,000 $ 9,000 $ 25,000 $ 87,000

Cherokee Incorporated is a merchandiser that provided the following information: Amount 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. 10,000 $ 16 $2 $2 $ 21,000 $ 14,000 $ 9,000 $ 25,000 $ 87,000

Name: Required 1 Required 2Prepare a contribution format income statement.C
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Description: Required 1 Required 2Prepare a contribution format income statement.Cherokee, IncorporatedContribution Format Income StatementSalesVariable expenses:Cost of goods soldSelling expensesAdministrative expensesContribution marginFixed expenses:Selling e

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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Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements [LO1-6] 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 Amount 12,000 $ 16 $2 $3 $ 20,000 $ 14,000 $ 10,000 $ 23,000 $ 87,000
Fill in the blanks in the following separate income statements a through e. a e Sales $ 62,000 $ 43,500 $ 55,000 $ 25,600 Cost of goods sold Merchandise inventory beginning 8,000 17,050 7,500 8,000 4,560 Total cost of merchandise purchases 38,000 32,000 6,600 Merchandise inventory ending 3,000 9,000 6,600 Cost of goods sold 34,050 16,000 7,000 Gross profit 12,750 45,600 Expenses 10,000 10,650 12,150 3,600 6,000 Net income (loss) $16,850 $ 600 $ 42,000
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Problem C- Use the following information to answer questions below: Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000 Purchases 170,000 Purchases Returns and Allowances 20,000 Freight In 30,000 Operating Expenses 350,000 In Addition, beginning merchandise inventory was P55,000 and ending merchandise inventory was P35,000. 1. Cost of goods sold for the period was а. Р235,000 с. Р200,000 b. P160,000 d. P170,000 2. Profit for the period was a. P525,000 C. P250,000 b. P450,000 d. P175,000
You have furnished the following data of SALES Sales Company relative to Commodity Excel: Balance January 1 4,000 units at P25 Purchases: January 4 3,000 units at P26 January 15 3,500 units at P28 January 25 500 units at P27 Sales: January 3 3,000 units at P35 January 16 2,000 units at P36 January 28 1,000 units at P37 Using FIFO inventory costing system, the gross profit on sales is:
Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. $ 450,000 $ 30,000 $ 300,000 $ 15,000 ? $ 18,000 $ 22,500 ? $ 90,000 $ 27,000 6. Which income statement format (traditional format or contribution format) would be more useful to managers in estimati operating income will change in response to changes in unit sales? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 to 5 Req 6 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. 3. Selling price per unit 4. Variable cost…
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1. Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $350.00 5 $ 0 0 $
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Using the following information, determine the cost of merchandise sold. Purchases $32,000 Selling expenses $960 Merchandise inventory, September 1 5,700 Merchandise inventory, September 30 6,370 Administrative expenses 910 Sales 63,000 Rent revenue 1,200 Interest expense 1,040 a.$32,670 b.$32,400 c.$38,370 d.$31,330