Erin Shelton, Inc., wants to earn a target profit of $980,000 this year. The company's fixed costs are expected to be $1,360,000 and its variable costs are expected to be 60 percent of sales. Erin Shelton Inc., earned $880,000 in profit last year. Required: 1. Calculate break-even sales for Erin Shelton, Inc. k-Even SalesS 54.400 2. Prepare a contribution margin income statement on the basis break-even sales. (Do not leave any cells blank, enter a zero wherever required.) Contribution Margin Income Statemen Sales Variable Costs 1,360,000 Contribution Margin xed Costs Profit 980,000 3.Calculate the required sales to meet the target profit of $980,000. arget Sales 4. Prepare a contribution margin income statement based on sales required to earn a target profit of $980,000