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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: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 12,000 $ 15 $1 $2 $ 22,000 $ 15,000 $ 10,000 $ 23,000 $ 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 $ 15 $1 $2 $ 22,000 $ 15,000 $ 10,000 $ 23,000 $ 89,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...
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Cherokee Incorporated is a merchandiser that provided the following information: Amount 12,000 $ 15 $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 Required: 1. Prepare a traditional income statement.. 2. Prepare a contribution format income statement. $ 22,000 $ 15,000 $ 10,000 $ 23,000 $ 89,000
Transcribed Image Text:Cherokee Incorporated is a merchandiser that provided the following information: Amount 12,000 $ 15 $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 Required: 1. Prepare a traditional income statement.. 2. Prepare a contribution format income statement. $ 22,000 $ 15,000 $ 10,000 $ 23,000 $ 89,000
Required 1 Required 2 Prepare a traditional income statement. Sales Cost of goods sold Gross margin Selling and administrative expenses: Administrative expenses Selling expenses Net operating income Cherokee, Incorporated Traditional Income Statement Required 1 Required 2 Prepare a contribution format income statement. Sales Variable expenses: Fixed expenses: <Required 1 Cherokee, Incorporated Contribution Format Income Statement < Required 1 0 0 0 Required 2 > Required 2 >
Transcribed Image Text:Required 1 Required 2 Prepare a traditional income statement. Sales Cost of goods sold Gross margin Selling and administrative expenses: Administrative expenses Selling expenses Net operating income Cherokee, Incorporated Traditional Income Statement Required 1 Required 2 Prepare a contribution format income statement. Sales Variable expenses: Fixed expenses: <Required 1 Cherokee, Incorporated Contribution Format Income Statement < Required 1 0 0 0 Required 2 > Required 2 >
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