Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. I cannot for the life of me figure out the second portion of this.  Transcribed Image Text:Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 12,000 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 17 2 3 $ 21,000 $ 15,000 $ 10,000 $ 25,000 $ 88,000 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 204,000 73,000 131,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: 45,000 51,000 Selling expenses Administrative expenses 96,000 Net operating income 35,000 Required 1 Required 2 > Transcribed Image Text:Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 12,000 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 17 2 3 $ 21,000 $ 15,000 $ 10,000 $ 25,000 $ 88,000 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 contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Variable expenses: Fixed expenses: < Required 1 Required 2 > Q: Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold… A: "Since you have asked multiple questions, we will solve first question for you. If you want any… Q: Redhawk, Inc., is a merchandiser that provided the following information: Number of units sold . .… A: Definition: Q: Cherokee Inc. is a merchandiser that provided the following information: Amount Number of… A: In tradiation income statement , We use to calculate gross profit without taking into account which… Q: Redhawk, Inc., is a merchandiser that provided the following information: Number of units sold . .… A: Net Operating Income:- It is a profit which company earn after deducting variable and fixed expenses… Q: Redhawk, Inc., is a merchandiser that provided the following information: Number of units sold . .… A: An income statement is a financial report that indicates the revenue and expenses of a business. It… Q: Cherokee Inc. is a merchandiser that provided the following information: Number of units… A: Traditional Income Statement is a part of financial statements used to record expenses incurred and… Q: Cherokee Inc. is a merchandiser that provided the following information: Number of units sold 13,000… A: 1) Traditional income statement: Particulars Amount $ Amount $ Sales revenue (13,000 x $17)… Q: Cherokee Inc. is a merchandiser that provided the following information: Amount 12,000 $ $ 2$ $… A: SOLUTION- FORMULA- NET INCOME =REVENUE - EXPENSES. DEDUCTION OF EXPENSES FROM REVENUES DERIVES THE… Q: Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of… A: 1. Cherokee Inc Traditional Income Statement Sales 10,000 x 16 $160,000 Less: Cost of goods… Q: Cherokee Inc. is a merchandiser that provided the following information: Amount 11,000 16 Number of… A: Formula: Net income = Revenues - expenses Deduction of expenses from revenues derives the net… Q: Cherokee Inc. is a merchandiser that provided the following information:… A: 1. Prepare a traditional income statement. Q: Todrick Company is a merchandiser that reported the following information based on 1,000 units sold:… A: Calculation:Cost of Goods Sold = Beginning Inventory + Purchases - Ending InventoryCost of Goods… Q: Todrick Company is a merchandiser that reported the following information based on 1,000 units sold:… A: Note: As per the policy, we are supposed to solve the first three sub-parts. Kindly repost the… Q: Todrick Company is a merchandiser that reported the following information based on 1,000 units sold:… A: Hi student Since there are multiple subparts, we will answer only first three sub parts. If you want… Q: Todrick Company is a merchandiser that reported the following information based on 1,000 units sold:… A: Given the information, contribution margin can be made with the help of some calculations as shown… Q: How can I resolve this promblem Cherokee Inc. is a merchandiser that provided the following… A: Click to see the answer Q: Can you please help me find the answers to the question marks below:Todrick Company is a… A: The first step is to find out the cost of goods sold which is the variable cost of the product.The… Q: When preparing the Multiple-Step Income Statement for a merchandising business that is using the… A: Hey, since there are multiple questions posted, we will answer first question. If you want any… Q: Consider the following partially completed income statements for merchandising companies and compute… A: Cost of goods sold = Opening inventory + purchases - Ending inventory Gross profit = Sales - Cost of… Q: Consider the following partially completed income statements for merchandising companies and compute… A: Cost of goods sold = Cost of goods available for sales - Ending inventory Operating income = Gross… Q: Given the information below, what is the profit dollars? Round your answer to the dollar and add a… A: Profit = Net sales - Cost of goods sold - expenses Q: Folsom River products is contemplating the use of economic order quantity analysis to optimize… A: EOQ or Economic Order Quantity is a measure used to determine the quantity required in the… Q: Folsom River products is contemplating the use of economic order quantity analysis to optimize… A: Economic order quantity is the ideal quantity to be ordered which gives the lowest cost of ordering… Q: Wright & Boyle Inc. had the following income statement for the month of May: Sales revenue… A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to… Q: At the various activity levels shown, Harper Company incurred the following costs: Units sold 20 40… A: Variable cost per unit is constant. Variable cost will be change as same proportionate the change in… Q: Shown below is activity for one of the products of Monique Aaron Corp Purchases… A: Definition: Perpetual inventory system: The method or system of maintaining, recording, and… Q: Using the average-cost method, calculate the cost of ending inventory and cost of goods sold for… A: The inventory valuation is based on the flow of inventory. It can be LIFO, FIFO, or Weighted average… Q: A corporation has provided the following information about one of their products: Date… A: Under average cost method, cost of goods sold is calculated on the basis of a weighted average cost.… Q: For Mortenson Company, the following information is available: Cost of goods sold ₤240,000 Sales… A: Click to see the answer Q: The following information extracted from LULU Hyper Market. Net Sales $20,000 Expenses $4,000… A: Cost of goods sold is the actual cost of goods that are being sold to the customers. Gross profit is… Q: A company wishes to establish an EOQ for an item for which the annual demandis $800,000, the… A: we wili only answer the first three subparts. For the remaining subparts kindly resubmit the… Q: Find the gross margin as a percentage amount. Gross Sales $230,000 Customer Returns and Allowances… A: Gross margin is the excess of revenue over the cost of goods sold and gross margin percentage is… Q: For Mortenson Company, the following informationis available: Cost of goods sold £240,000 Sales… A: Net Sales = Gross Sales - Sales Discount Net Sales = $400,000 - $8,000 Net Sales = $392,000 Q: 9. Muscat company, reported the following results for January: Number of units 10,000 Selling price… A: Merchandise used = Beginning Merchandise + Merchandise purchased - Ending Merchandise = $5000 +… Q: he following information is available for Anderson Company: Sales… A: Cost of goods sold means the cost incurred on the goods which has been sold out. Cost of goods sold… Q: Cynosure Company provided the following data: Cost Retail 340,000 4,500,000 100,000 150,000 90,000… A: The retail inventory method is one of the accounting technique which is used to estimate the value… Q: Cost of Goods Sold As an accountant for Lee Company, your supervisor gave you the following… A: Click to see the answer Q: The following is the year ended data for Tiger Company: Sales Revenue $57,000 Cost of Goods… A: The cost of goods available for sale seems to be the expense of total products manufactured… Q: HD marketing channel team estimated Net sales and other expenses and created a profit-and-loss… A: A profit and loss statement is one of the financial statements prepared by business organizations.… Q: he condensed product-line income statement for Dish N’ Dat Company for the month of May is as… A: Variable costs: These are the type of costs that changes with the change in the level of activity. Q: Income statement information for Lucy Company is provided below. Sales $175,000 Cost of goods sold… A: Vertical analysis is generally done to express the relative sizes of the different accounts reported… Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and… A: Gross Profit Margin Ratio = (Gross profit/Net sales) *100 where gross profit = Net sales - Cost of… Q: If the beginning finished goods -9 inventory 90 00O ID, ending finished goods inventory 65 000 ID,… A: Cost of goods sold:-It is the cost of producing goods which involve all direct cost whether fixed or… Q: Newark Company has provided the following information: · Cash sales, $450,000 · Credit sales,… A: Cost of goods sold= Net sales- Gross profit Net sales = Cash sales + Credit sales - Sales Discount -… Q: Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as… A: In the given question, we are provided with inventory, purchase and sales data at both cost as well… Q: Unimart Precision Manufacturing Beginning inventory Merchandise $ 275,000… A: UNIMART PARTICULARS AMOUNT ($) COMPUTATION OF COST OF GOODS SOLD : BEGINNING MERCHANDISE… Q: In each of the given separate cases, compute the Cost of Sales in good form: P 15,000 CASE 1:… A: Case 1: Net purchases = Purchases - Purchase discount - Purchase return & allowances =… Q: Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston purchased… A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. Q: If the beginning finished goods -9 inventory 90 000 ID, ending finished goods inventory 65 000 ID,… A: Cost of Goods sold = Beginning finished goods + Cost of Manufacturing Goods - Ending Finished Goods… Q: Last year, the following inventories at cost were taken at the Smoke Shop: $7,260 $6,834 $6,726… A: Click to see the answer Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
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Cherokee inc is a merchandiser that provided the following information
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