Why was 2007 considered the "Year of the Recall"?

That was the name of the Broadway play that swept the Tony Awards.

The federal government recalled many products.

There was a very high level of recalls from manufacturers.

Most of the recalls were in the toy industry, which alarmed the public.

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.