Question

Exercise 1-6 Traditional and Contribution Format Income Statements [LO1-6] Cherokee Inc. is a merchandiser that provided...

Exercise 1-6 Traditional and Contribution Format Income Statements [LO1-6]

Cherokee Inc. is a merchandiser that provided the following information:

Amount
Number of units sold 13,000
Selling price per unit $ 17
Variable selling expense per unit $ 1
Variable administrative expense per unit $ 2
Total fixed selling expense $ 22,000
Total fixed administrative expense $ 14,000
Beginning merchandise inventory $ 9,000
Ending merchandise inventory $ 22,000
Merchandise purchases $ 90,000

Required:

1. Prepare a traditional income statement.

2. Prepare a contribution format income statement.

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