Income Statement For the Year Ending December 31, 20XX Sales ($60 per unit) $550,000 Less: Cost of goods sold ($32 per unit) (220.000) Gross margin $330,000 Less operating expenses: Salaries $40,000 Advertising 20.000 Shipping (52 per unit) 13.750 (73,750) Operating Income $256 250 Instructions: On a blank sheet of notebook paper, write your full name in the top right corner and your student number in the top left corner. Use this to record your answers to the following six questions. Take a picture of your work and convert t to PDF. Upload the PDF to the Exam 1 assignment drop box in D2L Hint: Rearranging the given traditional income statement into a contribution tornat income statement might be usetut scratchwork (do not submit scratchwork. Note: To earn credit, you must show your work and label each figure. Questions: 1. What is the contribution margintunit? 2. What is the contribution margin ratio? 3. Wha: is the breakeven point in units? Round up to the nearest hole unit. 4. What is the breakeven point in dollars? 5. In one concise sentence explain what the breakeven point communicates to a manager 6. Homanun ts would the company need to se to earn $550.000 in net operating income? Found up to the nearest hole un t