Homework Answers
| Sales | 286,000 | |
| Cost of Goods Sold (168,000+40,500-54,500) | 154,000 | |
| Gross profit | 132,000 | |
| Selling and administrative expenses | ||
| Selling expenses | 20,500 | |
| Administrative expenses | 31,500 | |
| 52000 | ||
| Net income | 80,000 | |
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TB Problem Qu. 1-295 In April, Holderness Inc, a merchandising ... In April. Holdemess Inc, a...
TB Problem Qu. 7-256 Murphy Inc., which produces a single ...
TB Problem Qu. 7-256 Murphy Inc., which produces a single ... Murphy Inc., which produces a single product, has provided the following data for its most recent month of operation: Number of units produced12,800Variable costs per unit:Direct materials$171Direct labor$70Variable manufacturing overhead$9Variable selling and administrative expenses$10Fixed costs:Fixed manufacturing overhead$768,000Fixed selling and administrative expenses$256,000The company had no beginning or ending inventories. Required: a. Compute the unit product cost under absorption costing. b. Compute the unit product cost under variable costing.
Cherokee Inc. is a merchandiser the provided the following information: Required: 1. prepare a traditional income...
Cherokee Inc. is a merchandiser the provided the following
information:
Required:
1. prepare a traditional income statement
2. prepare a contribution format income statement
Cherokee Inc. is a merchandiser that provided the following information Amount 13,000 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 $ 20,000 $ 16,000 $ 9,000 $ 25,000 $ 87,000...
Cherokee Inc. is a merchandiser that provided the following information: Amount 12,000 $ 17 $ 1...
Cherokee Inc. is a merchandiser that provided the following information: Amount 12,000 $ 17 $ 1 $ 3 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 $19,000 $15,000 $10,000 $22,000 $88,888 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the...
Cherokee Inc. is a merchandiser that provided the following information Amount 12,000 16 Number of units...
Cherokee Inc. is a merchandiser that provided the following information Amount 12,000 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 $ 19,000 $16,000 $ 9,000 $ 22,000 $87,000 Required 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below...
Cherokee Inc. is a merchandiser that provided the following information: Amount 11,000 $ 18 $ 1...
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...
Cherokee Inc. is a merchandiser that provided the following information: Amount 11,000 Number of units sold...
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...
fill in Cherokee Inc. is a merchandiser that provided the following information: Number of units sold...
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: Number of units sold Selling price...
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...
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price...
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: Amount 11,000 15 Number of units...
Cherokee Inc. is a merchandiser that provided the following information: Amount 11,000 15 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 $ 19,000 16,000 9,000 25,000 $ 86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional...
Cherokee Inc. is a merchandiser the provided the following
information:
Required:
1. prepare a traditional income statement
2. prepare a contribution format income statement
Cherokee Inc. is a merchandiser that provided the following information Amount 13,000 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 $ 20,000 $ 16,000 $ 9,000 $ 25,000 $ 87,000...
Cherokee Inc. is a merchandiser that provided the following information: Amount 12,000 $ 17 $ 1 $ 3 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 $19,000 $15,000 $10,000 $22,000 $88,888 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the...
Cherokee Inc. is a merchandiser that provided the following information Amount 12,000 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 $ 19,000 $16,000 $ 9,000 $ 22,000 $87,000 Required 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below...
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...
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...
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: 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...
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: Amount 11,000 15 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 $ 19,000 16,000 9,000 25,000 $ 86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional...
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