Solution
CHEROKEE INC. | ||
Traditional income statement | ||
Sales | $ 224,000.00 | |
Cost of goods sold | $ 70,000.00 | |
Gross profit | $ 154,000.00 | |
Selling and administrative expenses | ||
Selling expenses | $ 35,000.00 | |
Administrative expenses | $ 57,000.00 | |
Total selling and administrative cost | $ 92,000.00 | |
Net operating income | $ 62,000.00 |
.
CHEROKEE INC. | ||
Contribution margin income statement | ||
for the month of June | ||
Sales revenue | $ 224,000.00 | |
Less: Variable costs | ||
Cost of goods sold | $ 70,000.00 | |
Selling expenses | $ 14,000.00 | |
Administrative expenses | $ 42,000.00 | |
Total Variable cost | $ 126,000.00 | |
Contribution margin | $ 98,000.00 | |
Fixed costs | ||
Selling expenses | $ 21,000.00 | |
Administrative expenses | $ 15,000.00 | |
Total Fixed cost | $ 36,000.00 | |
Operating profit | $ 62,000.00 |
Cherokee Inc. is a merchandiser that provided the following information: Amount 14,000 16 1 Number of...
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...
Cherokee Inc. is a merchandiser that provided the following information: Amount 13,000 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 $ 22,000 s 16,000 12,000 25,000 86,000 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. Required...
Cherokee Inc. is a merchandiser that provided the following information: Amount 13,000 16 2 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 $ 16,000 $ 9,000 $ 25,000 $ 89,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers...
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...
1 Cherokee Inc. is a merchandiser that provided the following information: Amount 20 points 14,000 18 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense eBook 3 per unit Total fixed selling expense $19,000 Total fixed administrative Hint $13,000 expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases $11,000 $24,000 $89,000 Print Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. References Complete this question by entering your...
6 Cherokee Inc. is a merchandiser that provided the following information Amount 10,000 18 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 15,000 11,000 26,000 87,000 Print 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 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 $ $ 19,000 14.000 9.000 25.000 86.000 $ 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. Required...
Cherokee Inc. is a merchandiser that provided the following information: Amount 11,000 $ 18 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 $ 14, eee $ 9,000 $ 26,000 $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...