At the end of the course she scored an 85% on the test and she has filed the appropriate fees and paperwork to obtain a license. She took the state examination within the proper time period and scored 80% on the test. She has not found a broker to place her license. What does this situation mean?

Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.