Black hills manufacturing has two processing departments, department i and department ii. during the year, direct materials worth $38,000 purchased on account were assigned to department i. at the end of the year, when the production cost report for department i was prepared, black hills assigned $40,000 to the units transferred from department i to department ii. the journal entry to record the transfer of units to department ii will

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.