Cherokee Incorporated is a merchandiser that provided the following information: AmountNumber of units sold11,000Selling price...
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Accounting
Cherokee Incorporated is a merchandiser that provided the following information:
AmountNumber of units sold11,000Selling price per unit$ 17Variable selling expense per unit$ 2Variable administrative expense per unit$ 2Total fixed selling expense$ 19,000Total fixed administrative expense$ 15,000Beginning merchandise inventory$ 9,000Ending merchandise inventory$ 24,000Merchandise purchases$ 88,000Required:
- Prepare a traditional income statement.
- Prepare a contribution format income statement.
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