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:

Jiffy printing shops does a lot of printing job for college students. the shop use an average of 25 cases of copy paper each day during the 312 days last year. the shop opens 6 days a week for 52 weeks each year and closes on sundays. each case of paper costs $35. it conducts a count of its paper inventory at the end of every quarter of the year. the table below shows the inventory counting records for last year. inventory end of quarter 1 700 cases end of quarter 2 1,050 cases end of quarter 3 920 cases end of quarter 4 800 cases 1. what's jiffy's cost of goods sold last year? 2. what's jiffy's average aggregate inventory value? 3. what's jiffy's inventory turnover last year? 4. what is the printing shop's weeks of supply last year?