Answer Happy

ces Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. 13,000 $15 $1 $2 $ 19,000 $ 14,000 $9,000 $ 23,000 $ 90,000 Complete this question by entering your answers in the tabs below.

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income Required 1 0 Required 2 >

nces Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses Fixed expenses: Selling expenses Administrative expenses Net operating income < Required 1 0 0 Required 2