Cherokee Incorporated is a merchandiser that provided the following information: Can you please help me complete the traditional income statement as well as the contribution format income statement. 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.Required 1 Required 2Prepare a traditional income statement.Complete this question by entering your answers in the tabs below.Cherokee, IncorporatedTraditional Income StatementSalesCost of goods soldGross marginSelling and administrative expenses:Administrative expensesNet operating income$11,000$15$1$235,000$ 21,000$ 13,000$ 12,000$ 23,000$ 89,000$ 165,00078,00087,00035,000 Required:1. Prepare a traditional income statement.2. Prepare a contribution format income statement.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 soldSelling expensesAdministrative expensesFixed expenses:Selling expensesAdministrative expensesNet operating income$78,00011,000165,00089,0000

The income statement records the revenue and expenses for the period. It tells about the…

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. 11,000 $15 $ 1 $2 $ 21,000 $ 13,000 $ 12,000 $ 23,000 $ 89,000

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. 11,000 $15 $ 1 $2 $ 21,000 $ 13,000 $ 12,000 $ 23,000 $ 89,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

How does reporting information for a merchandising company differ from financial reporting for a service organization?
Customer relationship management software would be most likely to affect which income statement account? Multiple Choice Cost of Goods Sold Revenues Selling, General, and Administrative Expenses (SG&A) Interest Expense
Please help me with required 1 and 2.
The revenue account for a merchandising business is typically called ___________. Group of answer choices inventory sales. unearned revenue. fees earned. sales or sales of merchandise.
MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Co Requirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicMagic uses a perpetual inventory system.) Start by determining the amounts that MusicMagic should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 14 5 7 6 Unit Cost $ Done 41 48 Sale Price $ 109 102 X
SLO-5.1. for a merchandising business is determined by subtracting the Cost of Goods Sold from the Sale Income account. OOperating Income ONet Income OGross Profit OMerchandise Available for Sale