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 12,000 $16 $1 $ 2 $ 21,000 $ 15,000 $ 12,000 $ 26,000 $ 89,000
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 12,000 $16 $1 $ 2 $ 21,000 $ 15,000 $ 12,000 $ 26,000 $ 89,000
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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100%
- Administrative expenses
- Beginning merchandise inventory
- Cost of goods sold
- Direct labor
- Direct materials
- Ending merchandise inventory
- Fixed manufacturing
overhead - Indirect labor
- Indirect materials
- Manufacturing overhead
- Purchases
- Sales
- Selling expenses
- Variable manufacturing overhead
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