Prepare a traditional income statement

Reference no: EM131018098

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


Number of units sold		11,000
Selling price per unit	$	17
Variable selling expense per unit	$	1
Variable administrative expense per unit	$	3
Total fixed selling expense	$	20,000
Total fixed administrative expense	$	15,000
Beginning merchandise inventory	$	8,000
Ending merchandise inventory	$	24,000
Merchandise purchases	$	87,000

Required:

1. Prepare a traditional income statement.

Cherokee Inc - Traditional Income Statement


Selling and administrative expenses
		0

2. Prepare a contribution format income statement.

Cherokee Inc - Contribution Format Income Statement


Variable Expenses:
		0

Fixed Expenses:
		0

Reference no: EM131018098

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