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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:

Number of units sold12,000

Selling price per unit\$18

Variable selling expense per unit\$1

Total fixed selling expense\$19,000

Beginning merchandise inventory\$12,000

Ending merchandise inventory\$25,000

Merchandise purchases\$89,000

Required:1.

Sales\$216,000

Cost of goods sold76,000

Gross margin140,000

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

Contribution margin104,000

Fixed expenses:

Selling expenses19,000

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