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E7.32 (LO 6) Clarington Company makes three models of phasers. Information on the three products is given below: Stunner Double-Set Mega-Power Sales $320,000 $480,000 $200,000 Variable costs 160,000 200,000 130,000 Contribution margin 160,000 280,000 70,000 Fixed costs 131,000 214,000 100,000 Net income $ 29,000 $ 66,000 $(30,000) Fixed costs consist of $300,000 of common costs allocated to the three products based on relative sales, and additional fixed costs of $35,000 (Stunner), $70,000 (Double-Set), and $40,000 (Mega-Power). The common costs will be incurred regardless of how many models are produced. The other fixed costs would be eliminated if a model is discontinued. John Liu, an executive with the company, feels the Mega-Power line should be discontinued to increase the company's net income. Instructions a. Calculate current net income for Clarington Company. b. Calculate net income by product line and in total for Clarington Company if the company discontinues the Mega-Power product line. (Hint: Allocate the $300,000 common costs to the two remaining product lines based on their relative sales.) c. Should Clarington eliminate the Mega-Power product line? Why or why not? Identify relevant costs for different decisions