Budgeted information for 2020 Selling price: $30 per 2-ounce jar Direct Materials: Botanical ingredients - $20 per ounce (each jar should require half an ounce of botanical compound); chemical ingredients $5 per ounce (each jar should require 1.5 ounces of chemical compound); frosted glass jar $1 each (one per unit) Direct Labor: In one hour, a worker should be able to prepare cream, perform quality testing, and fill 8 jars. Cosmetic lab personnel are paid $12 per hour. Overhead (all fixed): $200,000 for the year Operating Expenses (all fixed): $100,000 Assume that all product produced is sold . . Your job as the new product financial team is to perform the following tasks: QUESTIONS: Calculate breakeven point in units and sales for the product Calculate the number of units and sales revenues required to achieve a target profit for the product of $100,000. Prepare a projected contribution-margin-format income statement at your target profit of $100,000 . *********************************************************************** Actual results for the year 2020: . . Sales: 42,000 jars; $1,218,000 Direct Materials: botanical ingredients - 1,180 pounds used, 1,200 pounds purchased for $393,600; chemical ingredients - 4,070 pounds used, 4,100 pounds purchased for $318,160; frosted glass jars - 42,200 used, 45,000 jars purchased for $49,500. Direct Labor: 5,300 hours worked, total cost $58,300. Overhead: $200,000 Operating Expenses: $100,000 . . QUESTIONS: . Prepare a contribution-margin-format income statement for your product's actual results for 2020. Prepare a complete variance analysis for your product by preparing a variance report that includes sales variances, direct material variances, and direct labor variances. Come up with at least one feasible explanation for each variance you discover Write a report to your company's CEO in which you present the product's budgeted and actual results, your variance report, and the reasons you "discovered" for the variances. Conclude your report by making suggestions for possible action to be taken towards solving the problems you found