Assignment Problem: Traditional and Contribution Format Income Statements
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 $1
Variable administrative expense per unit $1
Total fixed selling expense $20,000
Total fixed administrative expense $14,000
Beginning merchandise inventory $9,000
Ending merchandise inventory $23,000
Merchandise purchases $88,000
Required:
Q1. Prepare a traditional income statement.
Q2. Prepare a contribution format income statement.
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