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Question

1.Award: 4 out of 4.00 pointsShow my answer

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

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Number of units sold12,000

Selling price per unit$18

Variable selling expense per unit$1

Variable administrative expense per unit$2

Total fixed selling expense$19,000

Total fixed administrative expense$14,000

Beginning merchandise inventory$12,000

Ending merchandise inventory$25,000

Merchandise purchases$89,000

Required:1.

Prepare a traditional income statement.

Sales$216,000

Cost of goods sold76,000

Gross margin140,000

Selling and administrative expenses:Selling expenses31,000

Administrative expenses38,00069,000

Net operating income$71,000

2.Prepare a contribution format income statement.

CHEROKEE, INC.Contribution Format Income Statement

Sales$216,000

Variable expenses:

Cost of goods sold$76,000

Selling expenses12,000

Administrative expenses24,000112,000

Contribution margin104,000

Fixed expenses:

Selling expenses19,000

Administrative expenses14,00033,000

Net operating income$71,000Garrison 15e Recheck 2014-12-16, 07_31_2015_QC_CS-19671

Explanation:1.

Sales: ($18 per unit × 12,000 units) = $216,000Cost of goods sold: ($12,000 + $89,000 – $25,000) = $76,000Selling expenses: (($1 per unit × 12,000 units) + $19,000) = $31,000Administrative expenses: (($2 per unit × 12,000 units) + $14,000) = $38,000

2.

Cost of goods sold: ($12,000 + $89,000 – $25,000) = $76,000Selling expenses: ($1 per unit × 12,000 units) = $12,000Administrative expenses: ($2 per unit × 12,000 units) = $24,000

2.

Award: 4 out of 4.00 pointsShow my answer

The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the q31:

Amount

Total sales revenue$ 1,462,000

Selling price per pair of skis$430

Variable selling expense per pair of skis$47

Variable administrative expense per pair of skis$17

Total fixed selling expense$135,000

Total fixed administrative expense$120,000

Beginning merchandise inventory$70,000

Ending merchandise inventory$105,000

Merchandise purchases$290,000

Required:1.

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