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 12,000 $ 16 $1 $1 $ 18,000 $ 16,000 $ 9,000 $ 24,000 $ 86,000 Answer is not complete.

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 12,000 $ 16 $1 $1 $ 18,000 $ 16,000 $ 9,000 $ 24,000 $ 86,000 Answer is not complete.

Name: fix the red pleaseee Complete this question by entering your answers i
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Description: fix the red pleaseee Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare a contribution format income statement.Cherokee, IncorporatedContribution Format Income StatementSalesVariable expenses:Cost of goods

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

fix the red pleaseee

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.
Cherokee, Incorporated
Traditional Income Statement
Sales
Cost of goods sold
Gross margin
Selling and administrative expenses:
Variable manufacturing overhead X $
Complete this question by entering your answers in the tabs below.
Administrative expenses
Fixed manufacturing overhead
Selling expenses
12,000 X
12,000
Amount
18,000 X
16,000 X
$ 1
$ 1
$ 18,000
$ 16,000
$ 9,000
12,000
$ 16
$ 24,000
$ 86,000
Answer is not complete.
$ 192,000
(71,000)
121,000
58,000

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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 Complete this question by entering your answers in the tabs below. Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Amount Selling and administrative expenses: 13,000 $16 $ 1 $ 3 $ 20,000 $ 15,000 $ 11,000 $ 22,000 $ 90,000
Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Variable expenses: Fixed expenses:
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 inventoryt 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. Complete this question by entering your answers in the tabs below. Cherokee, Incorporated Traditional Income Statement Amount Sales Cost of goods sold Gross margin Selling and administrative expenses: Variable manufacturing overhead 12,000 $18 $1 $2 $ 20,000 $ 16,000 $ 10,000 $ 25,000 $ 87,000 $ 216,000 10,000 25,000
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.
Match each defınition with the term that best describes it. An income measure that includes gains and [ Choose ] [Choose ] Sales revenue (Sales) Expenses incurred in the process of earning sales revenue. losses that are excluded from the determination of net income. An account that is offset against a revenue Contra revenue account account on the income statement. Cost of goods sold Periodic inventory system FOB destination The total cost of merchandise sold during the Comprehensive income FOB shipping point Perpetual inventory system period. An inventory system under which the [ Choose ] company does not keep detailed inventory records throughout the accounting period but determines the cost of goods sold only at the end of an accounting period. An inventory system under which the [ Choose ] company keeps detailed records of the cost of each inventory purchase and sale, and the records continuously show the inventory that should be on hand. The primary source of revenue in a [ Choose…
0 -nces 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. Complete this question by entering your answers in the tabs below. Cherokee, Incorporated Traditional Income Statement Amount Selling and administrative expenses: 11,000 $18 $1 $2 $ 22,000 $ 14,000 $ 11,000 $ 24,000 $ 86,000
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: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Required 1 Required 2 Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Cherokee, Incorporated Contribution Format Income Statement Sales Variable expenses: Cost of aonde enld Amount (71.000) 10,000 $ 16 $ 2 $ 2 $ 21,000 $ 14,000 $9,000 $ 25,000 $ 87,000 $ 160,000✔ ||
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