5) Use the following information to calculate Wildwood's break-even point and margin-of-safety. Wildwood Guitars Income Statement For the Year ending December 31, 2051 Revenue Less Cost of Goods Sold Gross Margin $ 9,526,300 $ 6,235,400 $ 3,290,900 Administrative Expenses Lease Expense Utilities Expense Property Tax Expense Administrative Salaries Accounting Expense Legal Expense Advertising Expense Promotion Expense Sales Commissions Expense Delivery Expense Tax Expense Total Administrative Expenses Net Income $ 110,300 $ 15,600 $ 37,500 $ 326,900 $ 175,800 $ 25,000 $ 568,900 $ 325,100 $ 750,200 $ 365,900 $ 125,600 $ 2,826,800 $ 464,100 Management believes that 75% of Cost of Goods Sold is variable, and the remaining 25% of Cost of Goods Sold is fixed. Management knows that Sales Commissions Expense is entirely variable. However, $100,000 of Delivery Expense is fixed and the remainder of the Delivery Expense is variable. 5a) Create a contribution margin format income statement. 5b) Find Wildwood Guitar's break-even point in sales dollars. 5c) Calculate the margin of safety and the percentage drop from current revenue to the break-even point