Prepare a traditional income statement

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Reference no: EM132477220

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

Amount Number of units sold 20,000

Selling price per unit $30

Variable selling expense per unit $4

Variable administrative expense per unit $2

Total fixed selling expense $40,000

Total fixed administrative expense $30,000

Beginning merchandise inventory $24,000

Ending merchandise inventory $44,000

Merchandise purchases $180,000

Required:

Question 1. Prepare a traditional income statement.

Question 2. Prepare a contribution format income statement.

Reference no: EM132477220

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