Exercise 1-6 Traditional and Contribution Format Income Statements [LO1-6] Cherokee Inc is a merchan

Exercise 1-6 Traditional and Contribution Format Income Statements [LO1-6]

Cherokee Inc is a merchandiser that provided the following information:

Number of units sold 11,000

Selling price per unit$16

Variable selling expense per unit$2

Variable administrative expense per unit$2

Total fixed selling expense$19,000

Total fixed administrative expense$15,000

Beginning merchandise inventory$9,000

Ending merchandise inventory$22,000

Merchandise purchases$90,000

Required:1Prepare a traditional income statement

2Prepare a contribution format income statement

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