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Magnificent Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1 . All purchases and sales were made with cash. 1. Acquired $750,000 of cash from the owners. 2. Purchased $270,000 of manufactaring equipment. The equipment han a $30,000 nalvage value and a four-year useful 1ife. 3. The company started and completed 5,000 modems. Direct materials purchased and ubed amounted to $40 per unit. 4. Direct labor costo anounted to $25 per unit. 5. The cost of manufacturing supplies used amounted to $4 per unit. 6. The conpany paid $50,000 to rent the Banufacturing facility. 7. Magnificent nold al1 5,000 undts at a cash price of $120 per unit. 8. The sales staft was paid a $6 per unit sales commission. 9. Paid $39,000 to purchase equipment for administrative offices. The equipment was expected to have a $3,000 salvage value and a three-year useful 141fe. 0. Administrative expenses consisting of office rental and salaries anounted to $71,950. Required 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. Complete this question by entering your answers in the tabs below. Use the following partially completed form to prepare an income statement using the contribution margin format. 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. Complete this question by entering your answers in the tabs below. Determine the break-even point in units and in dollars. (Do not round intermediate calculations.) 1. magniricent soia alk , vuv unica at a casn price ox \$16u per unze. 8. The sales staft was paid a $6 per unit sales cormission. 9. Paid $39,000 to purchase equipment for adminintrative oftices. The equipment was expected to have a $3,000 talvage value and a three-year useful ife. 0. Administrative expenses consisting of office rental and salaries amounted to $71,950. 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. Complete this question by entering your answers in the tabs below. 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. (Do not round intermediate calculations. Round your answer to 1 decimal place. (i.e., 0.234 should be entered as 23,4 ))