P22-6B The November 20X4 contribution margin income statement of Fazzio Fashion accessories store follows: FAZZIO FASHION Contribution Margin Income Statement For the Month of November 20X4 Sales revenue $60,000 Variable expenses: Cost of goods sold. $22,000 Marketing expenses. 13,000 General and administrative expenses. 7,000 42.000 Contribution margin. 18.000 Fixed expenses; Marketing expenses.. 11,000 General and administrative expenses. 3,850 14.850 Operating income... $ 3.150 Fazzio Fashion sells two hats for every purse. The hats sell for $18. with a variable expense of 57 each. The purses sell for $45, with a variable cost of $22 each. Required 1. Determine Fazzio Fashion's monthly breakeven point in the numbers of hats and purses. Prove your answer by preparing a summary contribution margin income statement at the breakeven level of sales. Show only two categories of expenses: variable and fixed. 2. Compute Fazzio Fashion's margin of safety in dollars. 3. Suppose Fazzio Fashion increases monthly sales volume by 20%. Compute operating income.