Check my Island Novelties, Inc. of Palau makes two products-Hawaiian Fantasy and Tahitian Joy. Each product's selling price variable expense per unit and annual sales volume are as follows: Hawaiian Fantasy 15 Selling price per unit Variable expense per unit Number of units sold annually Tahitian Joy 5 100 20 5,000 20,000 as a whole. 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 b. Compute the company's break-even point in dollar sales. Also, compute its margin of safety in dollars and its margin of safety percentage 2. The company has developed a new product called Samoan Delight that sells for $45 each and that has variable expenses of $36 per unit. If the company can sell 10.000 units of Samoan Delight without incurring any additional fixed expenses: a. Prepare a revised contribution format income statement that includes Samoan Delight, Assume that sales of the other two products does not change b. Compute the company's revised break-even point in dollar sales. Also, compute its revised margin of safety in dollars and margin of safety percentage cented browser baunchun https253 52Fms.mheducation.com 252Fmghmic vork Saved H Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 2A Req 28 Assuming the sales mix given above, do the following: Prepare a contribution format income statement showing both dollar and each product and for the company as a whole. Island Novelties, Inc. Contribution Income Statement Hawaiian Fantasy Tahitian Joy Amount % Amount % Total Amount % % % % % % % % % % Req 18 > mework Saved D. compue me company reviseu bredk-teven point in collar Sdies. AISO, compute its reviseuildrgin or Sdiety 1 colar of safety percentage. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 2A Req 2B Assuming the sales mix given above, do the following: Compute the company's break-even point in dollar sales. Also, compute its margin of safety in dollars and its margin of safety percentage. (Round your "Margin of safety percentage" to 1 decimal place (le 0.1234 should be entered as 12.3).) Break-even point in dollar sales Margin of safety in dollars Margin of safety percentage %