Cherokee Incorporated is a merchandiser that provided the following information: ...
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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 | $ 1 |
| Variable administrative expense per unit | $ 1 |
| Total fixed selling expense | $ 18,000 |
| Total fixed administrative expense | $ 14,000 |
| Beginning merchandise inventory | $ 9,000 |
| Ending merchandise inventory | $ 25,000 |
| Merchandise purchases | $ 89,000 |
Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.
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