Exercise 7-16 Cawley Company makes three models of tasers. Information on the three products is given below Tingler Shocker Stunner $296,700 $497,700 $203,500 Variable expenses 147,600 201,100 144,900 Contribution margin 149,100 296,600 58,600 120,324 231,218 96,758 $28,776 $65,382 s(38,158) Sales Fixed expenses Net income Fixed expenses consist of $304,800 of common costs allocated to the three products based on relative sales, and additional fixed expenses of $29,700 (Tingler), $79,200 (Shocker), and $34,600 (Stunner). The common costs will be incurred regardless of how many models are produced. The other fixed expenses would be eliminated if a model is phased out James Watt, an executive with the company, feels the Stunner line should be discontinued to increase the company's net income. Compute current net income for Cawley Company Net income