## Answers

Solution

CHEROKEE INC. | ||

Traditional income statement | ||

Sales | $ 1,70,000.00 | |

Cost of goods sold | $ 75,000.00 | |

Gross profit | $ 95,000.00 | |

Selling and administrative expenses | ||

Selling expenses | $ 42,000.00* | |

Administrative expenses | $ 35,000.00** | |

Total selling and administrative cost | $ 77,000.00 | |

Net operating income | $ 18,000.00 |

*(10000 x 2) +22000

**(10000 x 2)+15000

CHEROKEE INC. | ||

Contribution margin income statement | ||

for the month of June | ||

Sales revenue | $ 1,70,000.00 | |

Less: Variable costs | ||

Cost of goods sold | $ 75,000.00 | |

Selling expenses | $ 20,000.00 | |

Administrative expenses | $ 20,000.00 | |

Total Variable cost | $ 1,15,000.00 | |

Contribution margin | $ 55,000.00 | |

Fixed costs | ||

Selling expenses | $ 22,000.00 | |

Administrative expenses | $ 15,000.00 | |

Total Fixed cost | $ 37,000.00 | |

Operating profit | $ 18,000.00 |

.

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