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 | $ 33,000.00 | |
Administrative expenses | $ 29,000.00 | |
Total selling and administrative cost | $ 62,000.00 | |
Net operating income | $ 92,000.00 |
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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 | $ 14,000.00 | |
Total Variable cost | $ 98,000.00 | |
Contribution margin | $ 126,000.00 | |
Fixed costs | ||
Selling expenses | $ 19,000.00 | |
Administrative expenses | $ 15,000.00 | |
Total Fixed cost | $ 34,000.00 | |
Operating profit | $ 92,000.00 |
Use the following information to answer the requirements below: Number of units sold Selling price per...
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 S 16.00 $ 2.0 S 1.00 $ 19,000 S 15,000 $ 11,000 S 24,000 $ 87,000 Required: 1. Prepare a traditional income statement. CHEROKEE, INC. Traditional Income Statement Selling and administrative expenses: 2. Prepare a...
Cherokee Inc. 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 12,000 16 19,000 $14,000 $9,000 24,000 $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 1Required 2...
Amount 11,000 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 inventory Merchandise purchases $ 21,000 $ 15,000 $ 10,000 $ 22,000 $ 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 1 Required 2 Prepare a traditional 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 10,000 $ 18 $ 1 $ 3 $18,000 $15,000 $11,000 $24,000 $86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement
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 10,000 15 1 3 $ 22,000 $ 16,000 $ 11,000 $ 24,000 $ 86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Prepare a traditional income statement. Cherokee, Inc....
Amount 20,000 30 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 2 $ 40,000 $ 30,000 $ 24,000 $ 44,000 $ 180,000 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 1 Required 2 Prepare a traditional...
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 11,000 17 1 3 $ 21,000 $ 15,000 $ 8,000 $ 25,000 $ 86,000 points Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1...
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 11,000 $ 18 $ 1 $ 1 $ 19,000 $ 14,000 $ 9,000 $ 26,000 $ 90,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement Complete this question by...
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 oues es es Amount 11,000 17 2 1 $ 20,000 $ 13,000 $ 8,000 $ 23,000 $ 90,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional...
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...