Cherokee Inc. is a merchandiser that provided the following information: Number of units sold13,000 Selling price per
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Question:
Cherokee Inc. is a merchandiser that provided the following information:
Number of units sold13,000
Selling price per unit $17
Variable selling expense per unit $2
Variable administrative expense per unit $2
Total fixed selling expense $21,000
Total fixed administrative expense $16,000
Beginning merchandise inventory $10,000
Ending merchandise inventory $22,000
Merchandise purchases $90,000
Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.
Expert Answer:
1 Traditional Income Statement Sales revenue Number of units sold x Selling price per unit 13000 x 1... View the full answer
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