Cherokee Incorporated is a merchandiser that provided the following information: Number of units sold Selling price...
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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 Amount 12,000 $ 15 $ 1 $ 2 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 $ 16,000 $ 11,000 $ 23,000 $ 86,000 Cherokee Incorporated is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Amount 12,000 $ 15 $ 1 $ 2 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 $ 16,000 $ 11,000 $ 23,000 $ 86,000
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