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
Beginning merchandise inventory\$70,000
Ending merchandise inventory\$105,000
Merchandise purchases\$290,000
Required:1.

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