You have taken out a $350,000, 3/1 ARM. The initial rate of 6.0% (annual) is locked in for three years. Calculate the outstanding balance on the loan after three years. The interest rate after the initial lock period is 6.5%. (Note: the term on this 3/1 ARM is 30 years.) A) $336,294.25
B) $2,098.43
C) $347,901.57
D) $2,183.95

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.