Mark and Heather Starr are celebrating their 25 th anniversary by having a reception at a local reception hall. They have budgeted $ 4,000 for their reception. If the reception hall charges a $ 50 cleanup fee plus $ 30 per person, find the greatest number of people that they may invite and still stay within their budget.

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.