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Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements [LO Cherokee incorporated is a merchandiser that provided the following information: 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. Prepare a contribution format income statement. 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Prepare a contribution format income statement. Exercise 5-13 (Algo) Changes in Selling Price, Sales Volume, Variable Cost per Unit, and Total Fixed Costs [ LOS-1, LOS-4] Milfer Company's contribution format income statement for the most recent month is shown beiow: Required: (Consider each case independently): 1. What is the revised net operating income f unit soles increase by 17w6 ? 2. What is the revised net operating income if the selling price decreoses by 5150 per unit and the number of unis soid increases by 18% ? 3. What is the revised net operating income if the selling price increases by $1.50 per unit, fixed expensos increase by 57,000 , and the number of units sold decreases by 6% ? 4. What is the revised net operating income if the solling price per unit increases by 20%, wariable expenses increase by 30 cents per. unit, ond the number of units sold decreases by 14% ? Exercise 5-18 (Algo) Break-Even and Target Profit Analysis; Margin of Safety; CM Ratio [LO5-1, LO5-3, LO5-5, LO5-6, LO5.7] Menlo Company distributes a single product. The company's sales and expenses for last month follow: Required: 1. What is the monthly break-even point in unit sales and in dollor sales? 2. Without resorting to computations, what is the total contribution margin at the break-even point? 3-a. How many units would have to be sold each month to attain a target profit of $70,800 ? 3-b. Verify your answer by preparing a contribusion format income statement at the target sales level. 4. Rofer to the original data. Compute the company's margin of safety in both dollar and percentage terms. 5. What is the company's CM ratio? If the company can sell more units thereby increasing sales by $97,000 per month and there is no change in fixed expenses, by how much would you expect monthly net operating income to increase? Complete this question by entering your answers in the tabs below. What is the monthly break-even point in unit sales and in dollar sales