Aproducer of mobile aerial work platforms rewards employees for the number of basic skills they can perform rather than for the jobs to which they are assigned. prior to initiating this system, pay increases were based on a merit system. the merit system is still in effect; however, the new program emphasizes continued acquisition of new skills. the company uses

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.