Suppose you buy one contract for december 2015 delivery at the closing price. if the contract closes in december at a price of $3.95 per bushel, what will be your profit or loss? (each contract calls for delivery of 5,000 bushels.)

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.