7. sland Noveltias, Inc, of P makes two products, Haaiian Fantasy and Tahitian Joy Present revenus, cost, and sales data for the two products fallow Hawaiian Tahitian Fantasy Joy Selling price per unit Varlable expenses per unlt Numbar of units sold annually 20 100 13 40 22.000 6.600 Fixed expenses tolal $506,000 per year Required: 1. Assuming the sales mik given 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 aw hole Contribution Income Statement Hawaiian Fantasy Tahitian Joy Total Amount % b. Compute the braak-evan point in dollar salas for the company as a whole and the margin of safety in both dollars and percent Round your Margin of safety percentage" to 1 decimal place (ie 1234 should be entered as 12.3). Break-aven point in dollars Margin of safety in dollars Margin of safety percentape 2. The company has developed a new product to be called Samoan Delight Assume that the company could sell 10,000 units at 355 each. The variable expenses would be $44 each. The company's fxed axpenses would not changa a. Prapare another contribution format income statement, including sales of the Samoan Delight (salas of the other two products would not change) Round your Percentage" answers to 1 decimal place (i.e-1234 should be entered as 12.3) Contribution Income Statement Hawaiian Fantasy Tahitian Joy Samoan Delight Total Amount b. Compute the company's new break-aven point in dollar salas and the new margin of safety in both dollars and percent. Round your dollar amounts to nearest whole number. Round your "Percentage" answer to 1 decimal place (i1234 should he entered as 12.3) Break-even point in dollars Margin of safety in dollars Margin of safety percentage