Beginning merchandise inventory | 9000 |
(+) Merchandise purchases | 89000 |
(-) Ending merchandise inventory | 22000 |
Cost of goods sold | 76000 |
Required 1 : | ||
Cherokee, Inc. | ||
Traditional Income Statement | ||
Sales ( 14000 * 16 ) | 224000 | |
(-) Cost of goods sold | 76000 | |
Gross profit | 148000 | |
Selling and administrative expenses: | ||
Selling expenses [ ( 14000 * 1 ) + 21000 ] | 35000 | |
Administrative expenses [ ( 14000 * 1 ) + 13000 ] | 27000 | |
62000 | ||
Net income | 86000 |
Required 2 : | ||
Cherokee, Inc. | ||
Contribution format income statement | ||
Sales | 224000 | |
Variable expense : | ||
Cost of goods sold | 76000 | |
Selling expense ( 14000 * 1 ) | 14000 | |
Administrative expense ( 14000 * 1 ) | 14000 | 104000 |
Contribution margin | 120000 | |
Fixed expenses : | ||
Selling expense | 21000 | |
Administrative expense | 13000 | 34000 |
Net income | 86000 |
can someone please help me fill these in? all highlighted must be filled in Cherokee Inc....
Cherokee Inc. is a merchandiser that provided the following information: 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 Amount 14,000 $ 16 $ 1 $ $ 21,000 $ 13,000 $ 9,000 $ 22,000 $ 89,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Required 1 Required 2 Prepare...
Cherokee Inc. is a merchandiser that provided the following information: 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 12,000 $ 16 1 $ 2 $ 21,000 15,000 11,000 $ 25,000 $ 89,000 Required: 1. Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Selling and administrative expenses. 2. Prepare a contribution format income...
(dont pay attention to the filled out labels or numbers they may be wrong) Cherokee Inc. is a merchandiser that provided the following information: Amount 14,000 16 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 20,000 $ 13,000 $ 12,000 $ 24,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a...
Cherokee Inc. is a merchandiser that provided the following information: Amount 11,000 $ 18 $ 1 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 $ 3 $21,000 $16,000 $12,000 $23,000 $90,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the...
fill in Cherokee Inc. is a merchandiser that provided the following information: 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 Amount 12,000 $ 17 $ 1 $ 3 $ 19,000 $ 15,000 $ 10,000 $ 23,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this...
Cherokee Inc. is a merchandiser that provided the following information: Amount 12,000 17 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 inventony Merchandise purchases s s 20,000 S 14,000 $ 11,000 $ 25,000 s 89,000 Required: 1. Prepare a traditional income statement 2 Prepare a contribution format income statement Complete this question by entering your answers in...
help plzzz Cherokee Inc. is a merchandiser that provided the following information: Amount 14,000 18 1 es es es 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 $ 22,000 $ 13,000 $ 9,000 $ 23,000 $ 89,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement Complete this question...
Cherokee Inc. is a merchandiser that provided the following information: 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 Amount 13,000 $ 17 $ 2 $ $18,000 $15,000 $11,000 $22,000 $89,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs...
Cherokee Inc. is a merchandiser that provided the following information: Amount 11,000 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 $ 18,000 $ 13,000 $ 10,000 $ 24,000 $ 85,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs...
Cherokee Inc. is a merchandiser that provided the following information 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 10,000 S 15.00 $ 200 $ 1.50 $ 21,000 $ 16,000 $ 9,000 $ 24,000 $ 85,000 Required: 1. Prepare a traditional income statement CHEROKEE, INC. Traditional Income Statement Sales Beginning merchandise inventory Gross margin Selling...