How to prepare a traditional income statement

timer Asked: Aug 30th, 2014

Question description

This is the information  I have  to prepare a   traditional  income statement for Cherokee, Inc

Numbers of units sold.   11,000

Selling price per unit. $16

Variable selling expense per unit $ 1

Variable administrative expense per unit. $ 0.5

Total fixed selling expense $20,000

Total fixed administrative expense 13,000

Beginning merchandise inventory 11,000

Ending merchandise inventory 25,000

Merchandise purchases $90,000

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