Erin Shelton, Incorporated, wants to earn a target profit of $970,000 this year. The company's fixed costs are expected to be $1,340,000 and its variable costs are expected to be 50 percent of sales. Erin Sheiton, Incorporated, eamed $870,000 in profit last year. Required: 1. Calculate break-even sales for Erin Shelton, Incorporated. 2. Prepare a contribution margin income statement on the basis of break-even sales. 3. Calculate the required sales to meet the target profit of $970,000. 4. Prepare a contribution margin income statement based on sales required to earn a target profit of $970,000. 5. When the company earns $970,000 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. Calculate the required sales to meet the target profit of 5970,000 . Erin Sheiton, Incorporated, wants to earn a target profit of $970,000 this year. The company's fixed costs are expected to be $1,340,000 and its variable costs are expected to be 50 percent of sales. Erin Shelton, Incorporated, eamed $870,000 in profit last year. Required: 1. Calculate break-even sales for Erin Shelton, Incorporated. 2. Prepare a contribution margin income statement on the basis of break-even sales. 3. Calculate the required sales to meet the target profit of $970,000. 4. Prepare a contribution margin income statement based on sales required to earn a target profit of $970,000. 5. When the company earns $970,000 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. Calculate break-even sales for Ern Shelton, Incorporated. Complete this question by entering your answers in the tabs below. Prepare a contribution margin income statement on the basis of break-even sales: Note: Do not leave any cells blank. Enter a ' 0 ' wherever necessary. Complete this question by entering your answers in the tabs below. Prepare a contribution margin income statement based on sales required to eam a target profit of $970,000. Erin Shelton, Incorporated, wants to earn a target profit of $970,000 this year. The company's fixed costs are expected to be $1,340,000 and its variable costs are expected to be 50 percent of sales. Erin Shelton, Incorporated, eamed $870,000 in profit last year: Required: 1. Calculate break-even sales for Erin Shelton, Incorporated. 2. Prepare a contribution margin income statement on the basis of break-even sales. 3. Calculate the required sales to meet the target profit of $970,000. 4. Prepare a contribution margin income statement based on sales required to earn a target profit of $970,000. 5. When the company earns $970,000 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. When the company earns $970,000 of net income, what is its margin of safety and margin of safety as a percentage of sales? Note: Round your "Percentage Sales" answer to 2 decimal places. (1.e. 0.1234 should be entered as 12.34%.)