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. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Complete this question by entering your answers in the tabs below. Sales Cost of goods sold Gross margin Selling and administrative expenses: Administrative expenses Selling expenses Net operating income $ Amount 11,000 $17 $1 $2 37,000 X 30,000 X $ 20,000 $ 13,000 $ 12,000 $ 22,000 $ 88,000 Answer is not complete. $ 187,000 70,000 117,000 X 67,000 50,000
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. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Complete this question by entering your answers in the tabs below. Sales Cost of goods sold Gross margin Selling and administrative expenses: Administrative expenses Selling expenses Net operating income $ Amount 11,000 $17 $1 $2 37,000 X 30,000 X $ 20,000 $ 13,000 $ 12,000 $ 22,000 $ 88,000 Answer is not complete. $ 187,000 70,000 117,000 X 67,000 50,000
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 3E
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