## Answers

Solution

CHEROKEE INC. | ||

Traditional income statement | ||

Sales | $ 224,000.00 | |

Cost of goods sold | $ 70,000.00 | |

Gross profit | $ 154,000.00 | |

Selling and administrative expenses | ||

Selling expenses | $ 33,000.00 | |

Administrative expenses | $ 29,000.00 | |

Total selling and administrative cost | $ 62,000.00 | |

Net operating income | $ 92,000.00 |

.

.

CHEROKEE INC. | ||

Contribution margin income statement | ||

for the month of June | ||

Sales revenue | $ 224,000.00 | |

Less: Variable costs | ||

Cost of goods sold | $ 70,000.00 | |

Selling expenses | $ 14,000.00 | |

Administrative expenses | $ 14,000.00 | |

Total Variable cost | $ 98,000.00 | |

Contribution margin | $ 126,000.00 | |

Fixed costs | ||

Selling expenses | $ 19,000.00 | |

Administrative expenses | $ 15,000.00 | |

Total Fixed cost | $ 34,000.00 | |

Operating profit | $ 92,000.00 |

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