How can I resolve this promblem Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 12,000 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 $ 15,000 Beginning merchandise inventory $ 9,000 Ending merchandise inventory $ 23,000 Merchandise purchases $ 85,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.
How can I resolve this promblem Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 12,000 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 $ 15,000 Beginning merchandise inventory $ 9,000 Ending merchandise inventory $ 23,000 Merchandise purchases $ 85,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...
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How can I resolve this promblem
Cherokee Inc. is a merchandiser that provided the following information:
| Amount | ||
| Number of units sold | 12,000 | |
| 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 | $ | 15,000 |
| Beginning merchandise inventory | $ | 9,000 |
| Ending merchandise inventory | $ | 23,000 |
| 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 | 12,000 | |
| 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 | $ | 15,000 |
| Beginning merchandise inventory | $ | 9,000 |
| Ending merchandise inventory | $ | 23,000 |
| Merchandise purchases | $ | 85,000 |
Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.
Prepare a traditional income statement.
|
|
|
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