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Can anyone assist with parts 1-7? Thank you! My First Vioin produces student-grade violins for beginning violin students. The company produced 2,700 violins in its

Can anyone assist with parts 1-7? Thank you!
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My First Vioin produces student-grade violins for beginning violin students. The company produced 2,700 violins in its fiest month of operations. At month-end, 550 finished violins remained unsold There was no inventory in work in process. Violins were sold for $122.50 each. Total costs from the month are as follows: EEB(Click on the ioon to view the data.) The company prepares traditional (absorption costing) income statements for its bankers. My First Violin would aso like to prepare contribution margin income statements for management use Read the requirements Compute the following amounts that would be shown on these income statements Requirement 1. Gross Prott denbity the formula, then compute the gross profit Gross proft nnina violin students. The companv produced 2.700 violins in its first month of operations i Data Table Direct materials used Direct labor Variable manufacturing overhead... 30,000 Fixed manufacturing overhead.. Variable selling and administrative expenses Fixed selling and administrative expenses .$ $64,800 $8,000 Print Done ut fields and then continue to the next question. for beginning violin students. The company produced 2,700 violins in its first month of operations. At i Requirements Compute the following amounts that would be shown on these income statements: 1. Gross Profit 2. Contribution Margin 3. Total expenses shown below the gross profit line 4. Total expenses shown below the contribution margin line 5. Dollar value of ending inventory under absorption costing 6. Dollar value of ending inventory under variable costing 7. Which income statement will have a higher operating income? By how much? Explain. Print Done nthe input fields and then continue to the next

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