Solution-Prepare a contribution format income statement

Prepare a contribution format income statement

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Reference no: EM133038489

Problem - Cherokee Inc. is a merchandiser that provided the following information:

	Amount
Number of units sold	13,000
Selling price per unit	$17
Variable selling expense per unit	$2
Variable administrative expense per unit	$2
Total fixed selling expense	$18,000
Total fixed administrative expense	$13,000
Beginning merchandise inventory	$11,000
Ending merchandise inventory	$24,000
Merchandise purchases	$89,000

Required -

1. Prepare a traditional income statement.

2. Prepare a contribution format income statement.

Reference no: EM133038489

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Prepare a contribution format income statement : Problem - Cherokee Inc. is a merchandiser that provided the following information: Prepare a contribution format income statement

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Prepare a contribution format income statement

Reference no: EM133038489

Reference no: EM133038489

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