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: Administrative expenses Selling expenses Net operating income Amount Complete this question by entering your answers in the tabs below. $ 24,000 24,000 $ 21,000 $ 14,000 $ 8,000 Answer is complete but not entirely correct. 12,000 $ 16 $2 $2 $ 24,000 $ 86,000 $ 192,000 70,000 122,000 48,000
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 traditional income statement. Cherokee, Incorporated Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Administrative expenses Selling expenses Net operating income Amount Complete this question by entering your answers in the tabs below. $ 24,000 24,000 $ 21,000 $ 14,000 $ 8,000 Answer is complete but not entirely correct. 12,000 $ 16 $2 $2 $ 24,000 $ 86,000 $ 192,000 70,000 122,000 48,000
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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I need help inputting the following values (cells are highlighted in red).
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
Transcribed Image Text:Required 1 Required 2
Prepare a contribution format income statement.
Cherokee, Incorporated
Contribution Format Income Statement
Sales
Variable expenses:
Cost of goods sold
Selling expenses
Administrative expenses
Contribution margin
Fixed expenses:
Selling expenses
Administrative expenses
Net operating income
$
70,000
24,000
24,000
21,000
14,000
$ 192,000
118,000
74,000
35,000

Transcribed Image Text: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 aditional 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:
Administrative expenses
Selling expenses
Complete this question by entering your answers in the tabs below.
Net operating income
$
Amount
24,000
24,000
$ 21,000
$ 14,000
Answer is complete but not entirely correct.
12,000
$16
$2
$2
$ 8,000
$ 24,000
$ 86,000
$ 192,000
70,000
122,000
48,000
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