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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. 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
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
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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: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
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
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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