Income Statement, Break-Even Units, Units to Earn Target Income Instructions Amount Descriptions Contribution Margin Income Statement Unit Calculations Instructions Khaling Company sold 27,050 units last year at $16.10 each. Variable cost was $11.40, and total fixed cost was $130,660. Required: 1. Prepare an income statement for Khaling for last year. 2. Calculate the break-even point in units. 3. Calculate the units that Khaling must sell to earn operating income of $12,220 this year. Amount Descriptions Refer to the list below for the exact wording of text items within your income statement. Amount Descriptions Operating income Operating loss Sales Total contribution margin Fixed cost Variable cost Contribution Margin Income Statement 1. Prepare an income statement for Khaling for last year. Refer to the list of Amount Descriptions for the exact wording of text items within your income statement. If a net loss is incurred, enter that amount as a negative number using a minus sign. Khaling Company Contribution Margin Income Statement For the Last Year 1 2 3 5 Unit Calculations 2. Calculate the break-even point in units 3. Calculate the units that Khaling must sell to earn operating income of $12,220 this year