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Fix the following Exercise 1-6 Traditional and Contribution Format Income Statements...

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Accounting

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Exercise 1-6 Traditional and Contribution Format Income Statements Cherokee Inc. is a merchandiser that provided the folowing information Number of units sold Selling price per unit Variable selling expense per uni Variable administrative expenso per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory 11,000 S 17 S 20,000 $ 15,000 5 11,000 $ 22,000 Required: 1. Prepare a traditional income statement Answer is not complete. Salos Cost of goods sold Gross margin Selling and administrative expenses 187.,000 78000 01 26,000 o 2,000 52000 Net operating income 239.000 2 Prepare a contribution format income staiement Answer is complete but not entirely correct Salos s 78,000 26,000 26,000 Cost of goods sold Administrative expenses margn 30,000 Fxed expenses Seling expenses 20,000 61,000 Net operaling income

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