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Prepare a traditional income statement

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Question - Traditional and Contribution Format Income Statements

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

Number of units sold - 11,000

Selling price per unit - $16 

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 - $9,000 

Ending merchandise inventory - $22,000

Merchandise purchases - $90,000 

1. Prepare a traditional income statement.

2. Prepare a contribution format income statement.

Reference no: EM131560371

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