Island Novelties, Inc., of Palau makes two products, Hawaian Fantasy and Tahitian Joy. Present revenue, cost, and sales data for the two products follow: Selling price per unit Variable expenses per unit Number of units sold annually Hawaian Tahitian Fantasy Joy $20 S 125 $ 13 S 50 15,000 5,100 Fixed expenses total $325,000 per year Required 1. Assuming the sales mix given above, do the following a. Prepare a contribution format income statement showing both dollar and percent columns for each product and for the company as a whole Island Novelties, Inc. Contribution Income Statement Hawaiian Fantasy Tahitian Joy Total Amount % $ 637,500 255,000 0% $ 382.500 Amount Amount % Sales Variable expenses Contribution margin Fixed expenses Net operating income 300,000 195,000 $105,000 % $ 937,500 450,000 487,500 325,000 $ 162,500 0% 0%