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part a this part is now part b ...

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Accounting

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Exercise 1-6 Traditional and Contribution Format Income Statements [LO1-6] Cherokee Inc. is a merchandiser that provided the following information: NN Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 13,000 16 $ $ $ 21,000 $ 14,000 $ 9,000 $ 25,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Cost of goods sold Gross margin Selling and administrative expenses Fixed manufacturing overhead va 0 Variable manufacturing overhead Required 2 > Prepare a contribution format income statement Cherat ine Contribution Format Income Statement Variable expenses 0 Fbced expenses

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