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 $ 17 $ 2 $ 3 $ 18,000 $ 14,000 $ 10,000 $ 24,000 $ 87,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.
Required 1 Required 2
Prepare a traditional income statement.
Sales
Cost of goods sold
Cherokee, Incorporated
Traditional Income Statement
Amount
Complete this question by entering your answers in the tabs below.
< Prev
11,000
$ 17
$ 2
$ 3
$ 18,000
$ 14,000
$ 10,000
$ 24,000
$ 87,000
3 of 5
H
H
Next >
Transcribed Image Text:es 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. Required 1 Required 2 Prepare a traditional income statement. Sales Cost of goods sold Cherokee, Incorporated Traditional Income Statement Amount Complete this question by entering your answers in the tabs below. < Prev 11,000 $ 17 $ 2 $ 3 $ 18,000 $ 14,000 $ 10,000 $ 24,000 $ 87,000 3 of 5 H H Next >
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