6 Benson Modems, Inc. makes modem cards that are following transactions during 2017. All purchases and sales were made with cash. used in notebook computers. The company completed the 1. Acquired $780,000 of cash from the owners. 2. Purchased $285,000 of manufacturing equipment. The equipment has a $33,000 salvage value and a four-year useful life 3. The company started and completed 5,300 modems. Direct materials purchased and used amounted to $43 per eBook unit 4. Direct labor costs amounted to $28 per unit. 5. The cost of manufacturing supplies used amounted to $7 per unit 6. The company paid $53,000 to rent the manufacturing facility. 7. Benson sold all 5,300 units at a cash price of $135 per unit. 8. The sales staff was paid a $7.5 per unit sales commission. 9. Paid $42,000 to purchase equipment for administrative offices. The equipment was expected to have a $3,300 salvage value and a three-year useful life. 10. Administrative expenses consisting of office rental and salaries amounted to $88,900 Required a. Use the following partially completed form to prepare an income statement using the contribution margin format. b. Determine the break-even point in units and in dollars. c. Assume that next year's sales are budgeted to be the same as the current year's sales. Determine the margin of safety expressed as a percentage BENSON MODEMS, INC Income Statement For the Year Ended December 31, 2017 Sales revenue $ 715,500 Variable costs Book Total variable costs Contribution margin 262,350 Fixed costs Total fixed costs $ 44,550 Net income