Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold...
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Accounting
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 13,000 Selling price per unit $ 17 Variable selling expense per unit $ 2 Variable administrative expense per unit $ 2 Total fixed selling expense $ 22,000 Total fixed administrative expense $ 15,000 Beginning merchandise inventory $ 12,000 Ending merchandise inventory $ 26,000 Merchandise purchases $ 86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.
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