## Answers

**Solution 1:**

Cherokee, Inc. | ||

Traditional format Income Statement | ||

Sales (20000*$30) | $6,00,000 | |

Less: Cost Of Goods sold (24000+180000-44000) | $1,60,000 | |

Gross Profit | $4,40,000 | |

Selling and Administrative Expenses: | ||

Variable Selling Expenses | $80,000 | |

Variable Administrative Expenses | $40,000 | |

Fixed Selling Expenses | $40,000 | |

Fixed Administrative Expenses | $30,000 | |

Total expenses | $1,90,000 | |

Net Operating Income | $2,50,000 | |

**Solution 2:**

Cherokee, Inc. | ||

Contribution format Income Statement | ||

Sales (20000*$30) | $6,00,000 | |

Variable Expenses: | ||

Cost Of Goods sold (24000+180000-44000) | $1,60,000 | |

Variable Selling Expenses | $80,000 | |

Variable Administrative Expenses | $40,000 | |

Total Variable Expenses | $2,80,000 | |

Contribution Margin | $3,20,000 | |

Fixed Expenses: | ||

Fixed Selling Expenses | $40,000 | |

Fixed Administrative Expenses | $30,000 | |

Total Fixed Expenses | $70,000 | |

Net Operating Income | $2,50,000 |

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