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: Amount 13,000 $ 17 $2 $2 $ 22,000 $ 16,000 $ 11,000 $ 24,000 $ 89,000
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: Amount 13,000 $ 17 $2 $2 $ 22,000 $ 16,000 $ 11,000 $ 24,000 $ 89,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:3
4
S
Book
Hint
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
13,000
$ 17
$2
$2
$ 22,000
$ 16,000
$ 11,000
$ 24,000
$ 89,000
Complete this question by entering your answers in the tabs below.
Transcribed Image Text: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.
Selling and administrative expenses:
Required 1
Cherokee, Incorporated
Traditional Income Statement
Complete this question by entering your answers in the tabs below.
Required 2
Prepare a contribution format income statement.
Cherokee, Incorporated
Contribution Format Income Statement
Variable expenses;
Fixed expenses
Required 2 >
Bowieds
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