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Business, 15.04.2020 17:15 xlitteral

Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 13,000 Selling price per unit$17 Variable selling expense per unit$2 Variable administrative expense per unit$3 Total fixed selling expense$22,000 Total fixed administrative expense$16,000 Beginning merchandise inventory$8,000 Ending merchandise inventory$25,000 Merchandise purchases$89,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

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