Cherokee Inc. is a merchandiser that provided the following information:
Amount
Number of uni...
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Business, 10.02.2021 03:40 jokihahorton510
Cherokee Inc. is a merchandiser that provided the following information:
Amount
Number of units sold 10,000
Selling price per unit $ 18
Variable selling expense per unit $ 2
Variable administrative expense per unit $ 2
Total fixed selling expense $ 19,000
Total fixed administrative expense $ 15,000
Beginning merchandise inventory $ 10,000
Ending merchandise inventory $ 25,000
Merchandise purchases $ 88,000
Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.
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