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Joe paid $300 for the plans for the first clock, and he has already purchased new equipment costing $2,000 to manufacture the clocks. He estimates that it will cost $30 in materials (wood, clock mechanism, bird and spring, and so on) to make each clock. If he decides to build clocks full time, he would forego his job as a manager at a lumber mill making $75,000 per year. He will need to rent office and manufacturing space, which he thinks would cost $2,500 per month for rent plus another $300 per month for various utility bills (of the $300, Joe notes that $120 of his utility bill is the "minimum" amount he always has to pay, whether he uses his utilities or not). Joe would perform all the manufacturing work and run the office himself, so he would like to pay himself a salary of $3,000 per month (enough to live on..). He plans to hire two sales-people at a base salary of $1,000 each per month plus a $7 per clock commission. This way, Joe would not have to take time away from manufacturing to sell the clocks Joe plans to sell each clock for $225. He believes that he can sell 300 clocks in December for Christmas, but he is not sure what the sales will be during the rest of the year. However, he is fairly sure that the clocks will be popular because he has been selling these clocks as a side hustle for several years now. Overall, he is confident that he can pay all of his business costs, his salary of $3,000 per month, and have at least $4,000 of income (per month and ignoring taxes) that would stay within the business. You're job: You've been hired as a financial analyst to evaluate Joe's situation. You must do the following: 1. Perform an analysis of Joe's financial situation to estimate the number of clocks Joe would need to sell each year for his business to be financially successful. a. List all of the costs described and indicate whether each cost is 1. Fixed cost it. Variable cost . Mixed cost W. Sunk cost (or not relevant) V. Opportunity Cost b. Calculate the contribution margin per unit and the contribution margin ratio . Calculate the annual breakeven amount in units and sales (annually, not monthly). d. How many clocks would loe need to sell annually to earn the Company's target income? 2. Entrepreneurial mindset evaluation: a. Identify uncertainties about the information Joe gave you. What else should you consider in this evaluation? b. How would the information you gathered from #2a above change or affect the breakeven analysis results? Recalculate steps #1c and #1d with this new information using your estimates