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Required: 1. 2. Prepare a traditional income statement. Prepare a contribution format income statement.

Required: 1. 2. Prepare a traditional income statement. Prepare a contribution format income statement.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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EXERCISE 1-6 Traditional and Contribution Format Income Statements LO1-6 Cherokee Inc. is a merchandiser that provided the following information: Required: 1. 2. 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 Prepare a traditional income statement. Prepare a contribution format income statement. Amount 20,000 $30 $4 $2 $40,000 $30,000 $24,000 $44,000 $180,000
Transcribed Image Text:EXERCISE 1-6 Traditional and Contribution Format Income Statements LO1-6 Cherokee Inc. is a merchandiser that provided the following information: Required: 1. 2. 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 Prepare a traditional income statement. Prepare a contribution format income statement. Amount 20,000 $30 $4 $2 $40,000 $30,000 $24,000 $44,000 $180,000
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