I need help with this question. It has several parts and could you please show each step in detail. Thank you. Need it by 11/4/16 11:59 pm See attached file.

Morton Company's contribution format income statement for last month is given below: Sales (49,000 units $27 per unit) $ 1,323,000 Variable expenses 926,100 Contribution margin 396,900 Fixed expenses 317,520 Net operating income $ 79,380 The industry in which Morton Company operates is quite sensitive to cyclical movements in the economy. Thus, profits vary considerably from year to year according to general economic conditions. The company has a large amount of unused capacity and is studying ways of improving profits. Required: 1. New equipment has come onto the market that would allow Morton Company to automate a portion of its operations. Variable expenses would be reduced by $8.10 per unit. However, fixed expenses would increase to a total of $714,420 each month. Prepare two contribution format income statements, one showing present operations and one showing how operations would appear if the new equipment is purchased. (Round your "Per unit" answers to 2 decimal places.)