Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. cherokee incorporated is a merchandiser that provi

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

50.1K

Verified Solution

Question

Accounting

Cherokee Incorporated is a merchandiser that provided the following information:
Amount
Number of units sold 11,000
Selling price per unit $ 17
Variable selling expense per unit $ 2
Variable administrative expense per unit $ 1
Total fixed selling expense $ 18,000
Total fixed administrative expense $ 16,000
Beginning merchandise inventory $ 11,000
Ending merchandise inventory $ 22,000
Merchandise purchases $ 90,000
Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

4. Describe the sympathetic and parasympathetic nervous systems. Include in your answer descriptions of their similarities...

Medical Sciences
Q

How does one find the earnings to subject tax?

Accounting
Q

The critical magnetic field for a solid in superconducting state a does not depend upon...

Physics
Q

A 7 500 CD is purchased through a local bank that pays 3 60 interest...

Basic Math
Q

In which type of statistical study is the population influenced by researchers?A Researchers do not...

Basic Math
Q

Solve the triangle.a = 16, b= 12, c=5(Round to one decimal place as needed.)

Basic Math
Q

Select ALL of the CORRECT answers.Standard deviation s for a data set can be equal...

Statistics
Q

tion played by the most valuable wer MVP in a certain baseball league the last...

Statistics
Q

f(x)=?4x-5g(x) = 5x-1Find f-g and fg. Then, give their domains using interval notation.(f - g)(x)...

Calculus
Q

Infinite Geometric Series Determine the infinite geometric series sum given the first term is 6...

Algebra
Q

Nittany Company uses a periodic inventory system. At the end of the annual accounting period,...

Accounting
Q

Question 3 Riverbed, Inc. has recently started the manufacture of Tri-Robo, a three-wheeled robot that...

Accounting