Mr.Vaase has the details about his firm :No of units sold 20,000, Selling price per unit 30 Variable selling expense per unit 4.Variable administrative expense per unit 2 Total fixed selling expense 40,000. Total fixed administrative expense 30,000. Beginning merchandise inventory 24,000, Ending merchandise inventory 44,000, Merchandise purchases 180,0001) Prepare a traditional income statement. 2)Prepare a contribution format income statement.

Mr.Vaase has the details about his firm :No of units sold 20,000, Selling price per unit 30 Variable selling expense per unit 4.Variable administrative expense per unit 2 Total fixed selling expense 40,000. Total fixed administrative expense 30,000. Beginning merchandise inventory 24,000, Ending merchandise inventory 44,000, Merchandise purchases 180,0001) Prepare a traditional income statement. 2)Prepare a contribution format income statement.

Name: Mr.Vaase has the details about his firm :No of units sold 20,000, Sel
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Description: Mr.Vaase has the details about his firm :No of units sold 20,000, Selling price per unit 30 Variable sellingexpense per unit 4.Variable administrative expense per unit 2. Total fixed selling expense 40,000. Totalfixed administrative expense 30,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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Cherokee Incorporated is a merchandiser that provided the following information: Amount 10,000 $ 17 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 Selling and administrative expenses: $1 $2
Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 11,000 Selling price per unit $ 17 Variable selling expense per unit $ 2 Variable administrative expense per unit $ 2 Total fixed selling expense $ 18,000 Total fixed administrative expense $ 14,000 Beginning merchandise inventory $ 12,000 Ending merchandise inventory $ 23,000 Merchandise purchases $ 86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.
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