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. Amount 10,000 $ 16 $ 2 $ 1 $ 19,000 $ 15,000 $ 10,000 $ 26,000 $ 86,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses 69 $ 70,000 90,000 34,000 $ 160,000 194.000
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. Amount 10,000 $ 16 $ 2 $ 1 $ 19,000 $ 15,000 $ 10,000 $ 26,000 $ 86,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses 69 $ 70,000 90,000 34,000 $ 160,000 194.000
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 1.6C
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