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Cherokee Inc

Accounting

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Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 20,000 Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 30 24 2. $ 40,000 $ 30,000 $ 24,000 $ 44,000 $180,000 4. at nces Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.