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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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