Income Statement Variable Expenses Assignment

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 16.00 2.00 0.50 22,000 14,000 10,000 25,000 88,000 $ Required: 1. Prepare a traditional income statement. CHEROKEE, INC.

Traditional Income Statement Selling and administrative expenses: Assignments: ACCT 285 Sec 1 x Homework 2 – Chapter 2 x + – → C e zto.mheducation.com/hm.tpx 2. Prepare a contribution format income statement. CHEROKEE, INC. Contribution Format Income Statement Variable expenses: Fixed expenses: Hints References eBook & Resources Hint 1. .