Which of the following statements best defines the vision of an organization?a. It is the guidepost by which managers define the organization’s desired performance in such areas as new-product development, sales, and customer satisfaction. b. It is the perception of marketplace needs and the ways the organization can satisfy them. c. It is an analysis of the organization’s strengths and weaknesses. d. It is the detailed financial projection of the organization for a five-year period.

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.