Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: $ 300,000 2$ Sales Beginning merchandise inventory 20,000 $ 200,000 $ Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income 7,000 $ ? 12,000 $ 15,000 $ 60,000 $ 18,000 Required: 1. Prepare a contribution format income statement.

Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: $ 300,000 2$ Sales Beginning merchandise inventory 20,000 $ 200,000 $ Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income 7,000 $ ? 12,000 $ 15,000 $ 60,000 $ 18,000 Required: 1. Prepare a contribution format income statement.

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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Cherokee Inc. is a merchandiser that provided the following information: Number of units sold 11,000 Selling price per unit $ 17.00 Variable selling expense per unit $ 1.00 Variable administrative expense per unit $ 1.00 Total fixed selling expense $ 21,000 Total fixed administrative expense $ 16,000 Beginning merchandise inventory $ 10,000 Ending merchandise inventory $ 26,000 Merchandise purchases $ 90,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.
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Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $ 300,000 Beginning merchandise inventory $ 20,000 Purchases $ 200,000 Ending merchandise inventory $ 7,000 Fixed selling expense ?question mark Fixed administrative expense $ 12,000 Variable selling expense $ 15,000 Variable administrative expense ?question mark Contribution margin $ 60,000 Net operating income $ 18,000 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit.
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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: . Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 12,000 $ 17 $ 1 $ 3 $ 19,000 $ 15,000 $ 11,000 $ 24,000 $ 86,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Selling and administrative expenses: 0
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