ACTG 211 Homework#2 Chapter 5: Cost-volume-profit Question#1 Island Novelties, Inc., of Palau makes two products, Hawaiian Fantasy and Tahitian Joy. Present revenue, cost, and sales data for the two products follow: Selling price per unit. Variable expenses per unit. Number of units sold annually Hawallan Tahitian Fantasy Joy $15 $100 $9 $20 20,000 5,000 Fixed expenses total $475,800 per year. Required: 1. Assuming the sales mix 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 a whole. b. Compute the break-even point in dollar sales for the company as a whole and the margin of safety in both dollars and percent.