3. Tikboy's Handicrafts sells handmade hats at P50 each. The company buys these hats from Tesoro's for P30 each, plus 10% of selling price for each hat sold. Tikboy incurs monthly fixed costs of P3,000. a. If the company wants to earn a profit of P3,000 a month before taxes, how many hats must it sell? b. If the company wants an operating income of P5,000/month and expects to sell 500 hats, what price must be charged per hat to obtain the desired level of profit? (Use 2 decimal places only). c. Prove your answer to letter b. is correct by making a contribution margin income state- ment up to operating income