Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. cherokee incorporated is a merchandiser that provi

Cherokee Incorporated is a merchandiser that provided the following information: Amount...

80.2K

Verified Solution

Question

Accounting

Cherokee Incorporated is a merchandiser that provided the following information:
Amount
Number of units sold 11,000
Selling price per unit $ 16
Variable selling expense per unit $ 2
Variable administrative expense per unit $ 1
Total fixed selling expense $ 20,000
Total fixed administrative expense $ 15,000
Beginning merchandise inventory $ 8,000
Ending merchandise inventory $ 23,000
Merchandise purchases $ 86,000
Required:
Prepare a traditional income statement.
Prepare a contribution format income statement.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Katie is a shareholder in Engineers One, a civil engineeringcompany. This year, Katie's share...

General Management
1.2K views

JUST PART TWO PLEASE! 1. Videoworld is a discount store that sells color televisions. The monthly demand...

Basic Math
1.2K views

2. Find the inverse of the function. Show your work. Is the inverse a function?...

Basic Math
1.2K views

Question 7 Multiple Choice Worth 5 points 02 06 MC A real estate company balances...

Algebra
1.2K views

For the sequence defined by 1 an 1 Find a2 03 a 4 an 3

Accounting
1.2K views

Machinery was purchased on January 1, 2010 for $53,000. The machinery has an estimated life...

Accounting
1.2K views

Products X,Y, and Z are produced from the same process at a cost of $8,560....

Accounting
1.2K views

On July 1, 2020, Teal Inc. made two sales. 1. ...

Accounting
1.2K views

Mason Corporation had $1,136,000 in invested assets, sales of $1,202,000, operating income amounting to $228,000,...

Accounting
1.2K views

Tasen buei at? siant t:mon

Accounting
1.2K views

On December 31, Year 1, P Company purchased 80% of the outstanding shares of S...

Finance
1.2K views

Continuing with same project, the hospital's policy is the account for differential risk by increasing...