3 Island Novelties, Inc., of Palau makes two products-Hawalian Fantasy and Tahitian Joy. Each product's selling price variable expense per unit and annual sales volume are as follows: Selling price per unit Variable expesee per unit Manber of units sold annually Hawatan Fantasy $ 30 $ 15 20,000 Tahitian Joy 140 $ 35 6,500 Fixed expenses total $850,500 per year. Required: 1. Assuming the sales mix glven above, do the following: a. Prepare a contribution format Income statement showing both dollar and percent columns for each product and for the company as a whole. b. Compute the company's break-even point in dollar sales. Also, compute its margin of safety in dollars and its margin of safety percentage 2. The company has developed a new product called Samoan Delight that sells for $60 each and that has variable expenses of $48 per unit. If the company can sell 21.000 units of Samoon Delight without incurring any additional food expenses Prepare a revised contribution format Income statement that includes Samoan Delight. Assume thot sales of the other two 6 Compute the company's revised break even point in dollar sales. Also, compute its revised margin of safety in dollars and margin of safety percentage Complete this question by entering your answers in the tabs below Reg 14 Re 10 RA Mer 23 Assuming the sales mix given above, do the following: Prepare a contribution format income statement showing both dollar and percent columns for each product and for the company as a whole taland Novelties in Contibution income Statement Hawalla Fantasy Ta Joy Amount Amount Total Amount Part Cartoon 5 0 O MC C a. Prepare a revised contribution format Income statement that includes Samoan Delight. Assume that sales of the products does not change. b. Compute the company's revised break-even point in dollar sales. Also, compute its revised margin of safety in da of safety percentage. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2A Reg 2B Assuming the sales mix given above, do the following: Prepare a contribution format income statement showing both doll for each product and for the company as a whole. Island Novelties, Inc., Contribution Income Statement Hawaiian Fantasy Tahitian Joy Amount Amount % Total Amount % % % % Sales Variable expenses Contribution margin Faced expenses Net operating income 0 0 % $ 0 0% 0 0% S 0 Red 18 > per unit. If the company can sell 21,000 units of Samoan Delight without incurring any a. Prepare a revised contribution format Income statement that includes Samoan De products does not change. b. Compute the company's revised break-even point in dollar sales. Also, compute of safety percentage. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 2A Reg 28 Assuming the sales mix given above, do the following: Compute the company's break-e compute its margin of safety in dollars and its margin of safety percentage. (Do not to Round your "Margin of safety percentage final answer to 1 decimal place (ie 0.1234 s your other final answers to the nearest whole dollar.) Break-even point in dollar sales Margin of safety in dollars Margin of safety percentage as a whole. b. Compute the company's break-even point in dollar sales. Also, compute its margin of safety in dollars and its margir percentage. 2. The company has developed a new product called Samoan Delight that sells for $60 each and that has variable exper per unit. If the company can sell 21,000 units of Samoan Delight without incurring any additional fixed expenses: a. Prepare a revised contribution format Income statement that includes Samoan Delight. Assume that sales of the othe products does not change. b. Compute the company's revised break-even point in dollar sales. Also, compute its revised margin of safety in dollar of safety percentage Complete this question by entering your answers in the tabs below. Reg 1A Reg 10 Reg 2A Reg 28 The company has developed a new product called Samoan Delight that sells for $60 each and that has variable expenses of $48 per unit. If the company can sell 21,000 units of Samoan Delight without incurring any additional fixed expenses: Compute the company's revised break-even point in dollar sales. Also, compute its revised margin of safety in dollars and margin of safety percentage. (Do not round your intermediate calculations. Round your "Margin of safety percentage' final answer to 1 decimal place (Le 0.1234 should be entered as 12,3). Round your other final answers to the nearest whole dollar.) Show less Break-even point in dollar sales Margin of safety in dollars Margin of safety percentage