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Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 10,000 Selling price per unit $ 17 Variable selling expense
Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 10,000 Selling price per unit $ 17 Variable selling expense per unit $ 2 Variable administrative expense per unit $ 2 Total fixed selling expense $ 20,000 Total fixed administrative expense $ 13,000 Beginning merchandise inventory $ 10,000 Ending merchandise inventory $ 25,000 Merchandise purchases $ 86,000
Required: 2. Prepare a contribution format income statement.
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