Contributions by a self-employed individual to a SEP plan for 2019 are limited to the lesser of a percent of net earned income or: Select one: a. None of these is correct b. $55,000 c. $56,000 d. $19,000 e. $0

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.