Chapter $1$ HW Exercises $1$

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Cherokee Incorporated is a merchandiser that provided the following information:

$\backslash$table$[[,$Amount$],[$Number of units sold,$12,000],[$Selling price per unit,$$16],[$Variable selling expense per unit,$$2],[$Variable administrative expense per unit,$$2],[$Total fixed selling expense,$$20,000],[$Total fixed administrative expense,$$15,000],[$Beginning merchandise inventory,$$11,000],[$Ending merchandise inventory,$$23,000],[$Merchandise purchases,$$88,000]]$

Required:

Prepare a traditional income statement.

Prepare a contribution format income statement.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Prepare a traditional income statement.

$\backslash$table$[[$Cherokee$,$ Incorporated,$],[$Traditional Income Statement,,$],[,,],[,,],[$Selling and administrative expenses:,,$],[,,],[,,]]$

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