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i've filled out the answers but i can't figure out the net operating income on both tables and what the blank titles are Cherokee Inc.
i've filled out the answers but i can't figure out the net operating income on both tables and what the blank titles are
Cherokee Inc. is a merchandiser that provided the following intormation: 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 Amount 11,000 $ 18 2 3 $ 20,000 $ 14,000 $ 11,000 $ 25,000 $ 85,000 Required: 1. Prepare a traditional income statement. 2. 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. $ Cherokee, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses $ 42,000 Administrative expenses 47,000 198,000 71,000 127,000 89,000Step by Step Solution
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