Huels & Sons Inc. manufactures fishing products. As the senior financial analyst of the company, you are responsible for prepare the company's financial statements for internal use. The cost accountant provided you the following estimated financial data for the year 2020: Huels & Sons Inc. Projected Income Statement For the Year Ending December 31, 2020 $240,000 $60,000 36,000 Sales (12,000 units) Less variable costs: Variable manufacturing costs Variable selling costs Total variable costs Contribution margin Less fixed costs: Fixed manufacturing costs Fixed selling and administrative costs Total fixed costs Operating income 96,000 $144,000 $85,000 35,000 120,000 $ 24.000 The company's COO, Dr. Huels asked you to conduct break-even analysis and to provide him information to address the following questions: 1) How much sales in terms of dollars are required for the company to break even? 2) Dr. Huels believed the company could increase sales bv 1.000 units if advertising expenditures were increased by $15,000. By how much will operating income increase or decrease if the advertising is increased as suggested? 3) What is the maximum amount the company could pay for advertising if the advertising would increase sales by 1,000 units? 4) Prepare an updated projected Contribution Margin Income Statement for Huels & Sons Inc. for year 2020 based on the information and your response Part 3). The key categories for the contribution format statement should include sales, variable expenses, contribution margin, fixed expenses, and net income. Like the lecture items for this Module, please include per item and total amount. The variable costs should be broken down to a level that represents per unit sold