Chinese mining companies supply 97% of the rare-earth materials used in manufacturing television screens. When China announced a decrease in exports of rare-earth materials, Hitachi, a Japanese company, was concerned about a shortage of materials. This is an example of

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.