Cherokee Inc is a merchandiser that provided the following information Amount Number of units sold........................12,000 Selling price
Question:
Cherokee Inc is a merchandiser that provided the following information
Amount Number of units sold........................12,000
Selling price per unit ............................................ $17
Variable selling expense per unit...........................$1
Variable administrative expense per unit.............$2
Total fixed selling expense.............................$21,000
Total fixed administrative expense...............$15,000
Beginning merchandise inventory................$11,000
Ending merchandise inventory.....................$25,000
Merchandise purchases.................................$88,000
Required
1 Prepare a traditional income statement
2 Prepare a contribution format income statement
Managerial Accounting
ISBN: 978-0077522940
15th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer