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
$ 17
$ 1
$ 2
$ 19,000
$ 15,000
$ 10,000
$ 23,000
$ 85,000
02
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 statement
Cherokee, Inc.
Traditional Income Statement
Selling and administrative expenses: