Question
In: Accounting
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 12,000...
Cherokee Inc. is a merchandiser that provided the following information:
| Amount | ||
| Number of units sold | 12,000 | |
| Selling price per unit | $ | 17 |
| Variable selling expense per unit | $ | 1 |
| Variable administrative expense per unit | $ | 2 |
| Total fixed selling expense | $ | 19,000 |
| Total fixed administrative expense | $ | 14,000 |
| Beginning merchandise inventory | $ | 11,000 |
| Ending merchandise inventory | $ | 23,000 |
| Merchandise purchases | $ | 88,000 |
Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.
Solutions
Expert Solution
1.
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2.
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ekkarill92 answered 1 year agoRelated Solutions
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 12,000...
Cherokee Inc. is a merchandiser that provided the following
information: Amount Number of units sold 12,000 Selling price per
unit $ 15 Variable selling expense per unit $ 1 Variable
administrative expense per unit $ 2 Total fixed selling expense $
19,000 Total fixed administrative expense $ 15,000 Beginning
merchandise inventory $ 9,000 Ending merchandise inventory $ 24,000
Merchandise purchases $ 86,000
Required: 1. Prepare a traditional income statement. 2. Prepare
a contribution format income statement.
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 13,000...
Cherokee Inc. is a merchandiser that provided the following
information:
Amount
Number of units sold
13,000
Selling price per unit
$
16
Variable selling expense per unit
$
1
Variable administrative expense per unit
$
1
Total fixed selling expense
$
18,000
Total fixed administrative expense
$
13,000
Beginning merchandise inventory
$
9,000
Ending merchandise inventory
$
25,000
Merchandise purchases
$
88,000
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 11,000...
Cherokee Inc. is a merchandiser that provided the following
information:
Amount
Number of units sold
11,000
Selling price per unit
$
17
Variable selling expense per unit
$
1
Variable administrative expense per unit
$
3
Total fixed selling expense
$
21,000
Total fixed administrative expense
$
15,000
Beginning merchandise inventory
$
9,000
Ending merchandise inventory
$
26,000
Merchandise purchases
$
89,000
Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 11,000...
Cherokee Inc. is a merchandiser that provided the following
information:
Amount
Number of units sold
11,000
Selling price per unit
$
17
Variable selling expense per unit
$
2
Variable administrative expense per unit
$
2
Total fixed selling expense
$
19,000
Total fixed administrative expense
$
13,000
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.
Cherokee, Inc.
Traditional Income...
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 20,000...
Cherokee Inc. is a merchandiser that provided the following
information: Amount Number of units sold 20,000 Selling price per
unit $ 30 Variable selling expense per unit $ 4 Variable
administrative expense per unit $ 2 Total fixed selling expense $
40,000 Total fixed administrative expense $ 30,000 Beginning
merchandise inventory $ 24,000 Ending merchandise inventory $
44,000 Merchandise purchases $ 180,000 Required: 1. Prepare a
traditional income statement. 2. Prepare a contribution format
income statement.
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 14,000...
Cherokee Inc. is a merchandiser that provided the following
information:
Amount
Number of units sold
14,000
Selling price per unit
$
17
Variable selling expense per unit
$
2
Variable administrative expense per unit
$
2
Total fixed selling expense
$
21,000
Total fixed administrative expense
$
14,000
Beginning merchandise inventory
$
8,000
Ending merchandise inventory
$
23,000
Merchandise purchases
$
87,000
Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.
Cherokee, Inc.
Traditional Income...
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 14,000...
Cherokee Inc. is a
merchandiser that provided the following information:
Amount
Number of units
sold
14,000
Selling price
per unit
$
16
Variable selling
expense per unit
$
2
Variable
administrative expense per unit
$
2
Total fixed
selling expense
$
21,000
Total fixed
administrative expense
$
16,000
Beginning
merchandise inventory
$
10,000
Ending
merchandise inventory
$
25,000
Merchandise
purchases
$
88,000
Required:
1. Prepare a
traditional income statement.
2. Prepare a
contribution format income statement.
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 13,000...
Cherokee Inc. is a merchandiser that provided the following
information:
Amount
Number of units sold
13,000
Selling price per unit
$
15
Variable selling expense per unit
$
1
Variable administrative expense per unit
$
1
Total fixed selling expense
$
18,000
Total fixed administrative expense
$
16,000
Beginning merchandise inventory
$
9,000
Ending merchandise inventory
$
22,000
Merchandise purchases
$
85,000
Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 11,000...
Cherokee Inc. is a merchandiser that provided the following
information:
Amount
Number of units sold
11,000
Selling price per unit
$
18
Variable selling expense per unit
$
2
Variable administrative expense per unit
$
1
Total fixed selling expense
$
20,000
Total fixed administrative expense
$
15,000
Beginning merchandise inventory
$
9,000
Ending merchandise inventory
$
22,000
Merchandise purchases
$
86,000
Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold 10,000 Selling...
Cherokee Inc. is a merchandiser that provided the following
information: Number of units sold 10,000 Selling price per unit $
17.00 Variable selling expense per unit $ 2.00 Variable
administrative expense per unit $ 0.50 Total fixed selling expense
$ 21,000 Total fixed administrative expense $ 15,000 Beginning
merchandise inventory $ 8,000 Ending merchandise inventory $ 24,000
Merchandise purchases $ 85,000 Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.
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