Hw.164. Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements [LO1-6]Cherokee Incorporated is a merchandiser that provided the following information:Number of units soldSelling price per unitVariable selling expense per unitVariable administrative expense per unitTotal fixed selling expenseTotal fixed administrative expenseBeginning merchandise inventoryEnding merchandise inventoryMerchandise purchasesRequired:1. Prepare a traditional income statement.2. Prepare a contribution format income statement.AmountRequired 1 Required 2Prepare a traditional income statement.13,000$ 17$1$2$ 20,000$ 14,000.$ 10,000:$ 25,000$90,000Complete this question by entering your answers in the tabs below. Required 1 Required 2Prepare a traditional income statement.Selling and administrative expensesCherokee, IncorporatedTraditional Income StatementRequired 1 Required 2Prepare a contribution format income statement.Variable expensesFixed expensesRetired toCherokee, IncorporatedContribution Format Income Statement< Required 10Required 2 >

Cost of goods sold = Opening stock + Purchases - Closing Stock = $10,000 + $90,000 - $25,000 =…

Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements [LO1-6] 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 Amount Prepare a traditional income statement. 13,000 $ 17 $1 $2 Complete this question by entering your answers in the tabs below. $ 20,000 $ 14,000 $ 10,000: $ 25,000 $ 90,000