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Traditional income statement and contributed format income statement? Cherokee Inc. is a merchandiser that provided the following information Amount 13,000 15 Number of units sold
Traditional income statement and contributed format income statement?
Cherokee Inc. is a merchandiser that provided the following information Amount 13,000 15 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 20,000 $ 14,000 $ 10,000 $ 24,000 $ 87,000 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 Selling and administrative expenses: Required 1 Required 2 > 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 Variable expenses: Fixed expensesStep by Step Solution
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