Reference no: EM132929980
Cherokee Inc. is a merchandiser that provided the following information:
Amount
Number of units sold 11,000
Selling price per unit$17
Variable selling expense per unit$2
Variable administrative expense per unit$1
Total fixed selling expense$19,000
Total fixed administrative expense$15,000
Beginning merchandise inventory$12,000
Ending merchandise inventory$23,000
Merchandise purchases$89,000
Required:
Problem 1. Prepare a traditional income statement.
Problem 2. Prepare a contribution format income statement.
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