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Business, 06.09.2021 17:20 FombafTejanjr3923

Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 11,000 Selling price per unit $16 Variable selling expense per unit $1 Variable administrative expense per unit $1 Total fixed selling expense $20,000 Total fixed administrative expense $15,000 Beginning merchandise inventory $11,000 Ending merchandise inventory $26,000 Merchandise purchases $88,000. Required:
a. Prepare a traditional income statement.
b. Prepare a contribution format income statement.

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