Erin Shelton, Inc., wants to earn a target profit of $920,000 this year. The company's fixed costs are expected to be $1.240,000 and its variable costs are expected to be 50 percent of sales. Erin Shelton, Inc., earned $820,000 in profit last year. Required: 1. Calculate break-even sales for Erin Shelton, Inc. 2. Prepare a contribution margin income statement on the basis break-even sales. 3. Calculate the required sales to meet the target profit of $920,000. 4. Prepare a contribution margin income statement based on sales required to earn a target profit of $920,000. 5. When the company earns $920,000 of net income, what is its margin of safety and margin of safety as a percentage of sales? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate break-even sales for Erin Shelton, Inc. Break-Even Sales Erin Shelton, Inc., wants to earn a target profit of $920,000 this year. The company's fixed costs are expected to be $1.240,000 and its variable costs are expected to be 50 percent of sales. Erin Shelton, Inc., earned $820,000 in profit last year. Required: 1. Calculate break-even sales for Erin Shelton, Inc. 2. Prepare a contribution margin income statement on the basis break-even sales. 3. Calculate the required sales to meet the target profit of $920,000. 4. Prepare a contribution margin income statement based on sales required to earn a target profit of $920,000 5. When the company earns $920,000 of net income, what is its margin of safety and margin of safety as a percentage of sales? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a contribution margin income statement on the basis of break even sales Contribution Margin Income Statement Contribution Margin Profit Erin Shelton, Inc. wants to earn a target profit of $920,000 this year. The company's foed costs are expected to be $1.240,000 and its variable costs are expected to be 50 percent of sales. Erin Shelton, Inc., earned $820,000 in profit last year. Required: 1. Calculate break-even sales for Erin Shelton, Inc. 2. Prepare a contribution margin income statement on the basis break-even sales 3. Calculate the required sales to meet the target profit of $920,000 4. Prepare a contribution margin income statement based on sales required to earn a target profit of $920,000 5. When the company earns $920,000 of net income, what is its margin of safety and margin of safety as a percentage of sales? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required Calculate the required sales to meet the target profit of $920,000. Target Sales Erin Shelton, Inc., wants to earn a target profit of $920,000 this year. The company's foed costs are expected to be 51240.000 and its variable costs are expected to be 50 percent of sales. Enn Shelton, Inc., eamed $820.000 in profit last year Required: 1. Calculate break-even sales for Erin Shelton, Inc 2. Prepare a contribution margin income statement on the basis break-even sales 3. Calculate the required sales to meet the target profit of $920.000 4. Prepare a contribution margin income statement based on sales required to earn a target profit of $920,000 5. When the company earns $920,000 of net income, what is its margin of safety and margin of safety as a percentage of sales? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required Required Prepare a contribution margin income statement based on sales required to cam a target proof 9920,000 Contribution Margin Income Statement Contribution Margin Profit Erin Shelton, Inc., wants to earn a target profit of $920,000 this year. The company's fred costs are expected to be $1240,000 and its variable costs are expected to be 50 percent of sales. Erin Shelton, Inc., earned $820,000 in profit last year. Required: 1. Calculate break-even sales for Erin Shelton, Inc. 2. Prepare a contribution margin income statement on the basis break-even sales 3. Calculate the required sales to meet the target profit of $920,000 4. Prepare a contribution margin income statement based on sales rected to ama target profit of $920,000 5. When the company earns $920,000 of net income, what is its margin of safety and margin of safety as a percentage of sales? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 When the company earns $920,000 of net income, what is its margin of safety and margin of safety as a percentage of sales? (Round your "Percentage Sales" answer to 2 decimal places. (...1234 should be entered Margin of Safety Margin of Safety as a Percentage of Sales