Cherokee Inc. is a merchandiser that provided the following information: Amount
Number of units sold 13,000
Selling price per unit $ 16
Variable selling expense per unit $ 2
Variable administrative expense per unit 3
Total fixed selling expense $ 21,000
Total fixed administrative expense 14,000
Beginning merchandise inventory 9,000
Ending merchandise inventory $ 23,000
Merchandise purchases $ 86,000
Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.

During which of the following phases of the business cycle does the real gdp fall? a. trough b. expansion c. contraction d. peak

If springfield is operating at full employment who is working a. everyone b. about 96% of the workforce c. the entire work force d. the robots

Varto company has 9,400 units of its sole product in inventory that it produced last year at a cost of $23 each. this year’s model is superior to last year’s, and the 9,400 units cannot be sold at last year’s regular selling price of $42 each. varto has two alternatives for these items: (1) they can be sold to a wholesaler for $8 each, or (2) they can be reworked at a cost of $251,100 and then sold for $34 each. prepare an analysis to determine whether varto should sell the products as is or rework them and then sell them.