E6-22 Computing Target Profit, Preparing Contribution Margin Income Statement, Computing Margin of Safety (LO 6-2, 6-3) 1 120,000 and its variable costs are expected to be 40 percent of sales Erin Shelton, Inc., warvis to eam a target profit of $900.000 this year. The company's food costs are expected to be Erin Shoton, Inc., Damned $800,000 in profesyon Required: 1. Calculate break-even sales for Erin Shelton, Inc. Brave Sales 2. Prepare a contribution margin income statement on the basis break even sales. Do not leave any cells blank, antara zero wherever required) Contribution Margin Income Statement Contribution Margin 3. Calculate the required sales to meet the target profit of 5000,000 Torpet Sales 4. Prepare a contribution margin income statement based on sales required to sam a target port of $960,000 5. When the company carns $900.000 of net income, what is its margin of safety and margn of safety as a percentage of sales? (Round your "Percentage Sales answer to 2 decimal places. (..1234 should be entered as 12.34%) Margin of Safety Margin of Safety as a Porcentage of Sales