Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

not sure if i entered the traditional income statement correctly. $ Number of units sold Selling price per unit Variable selling expense per unit Variable

not sure if i entered the traditional income statement correctly. image text in transcribed
image text in transcribed
$ 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 13,000 17 $ 1 $ 2 $ 19,000 $ 15,000 $ 11,000 $ 24,000 $ 88,000 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 221,000 39,000 182,000 Cost of goods sold Contribution margin Selling and administrative expenses Selling expenses Administrative expenses $ 19,000 15,000 34,000 148,000 Net operating income 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 13,000 $ 17 $ 1 $ 2. $ 19,000 $ 15,000 $ 11,000 $ 24,000 $ 88,000 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 contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Sales Variable expenses Indirect materials 0 Indirect labor Selling expenses Administrative expenses Manufacturing overhead Contribution margin Fixed expenses Cost of goods sold Selling expenses Administrative expenses Fixed manufacturing overhead Net operating income 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing IT Infrastructures For Compliance

Authors: Martin Weiss, Michael G. Solomon

2nd Edition

1284090701, 978-1284090703

More Books

Students also viewed these Accounting questions

Question

Prove in detail that Rn is a vector space?

Answered: 1 week ago

Question

Compare and contrast verbal and nonverbal codes

Answered: 1 week ago

Question

Define and discuss the nature of ethnocentrism and racism

Answered: 1 week ago

Question

Define and discuss racial and ethnic stereotypes across cultures

Answered: 1 week ago