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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
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
Prepare a traditional income statement.
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
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
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
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) = $24,000
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The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the q31:
Total sales revenue$ 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

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