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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