Island Novelties, Inc., of Palau makes two products-Hawallen Fantasy and Tahitian Joy. Each product's selling price, variable expense per unit, and annual sales volume are as follows: Tahitian Havaiian Fantasy $ 36 Joy $ 120 Selling price per unit Variable expense per unit Number of units sold annually 16,000 7.200 ferences Fixed expenses total $812,500 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. b. Compute the company's break-even point in dollar sales. Also, compute its margin of safety in dollars and its margin of safety percentage 2. The company has developed a new product called Samoan Delight that sells for $40 each and that has variable expenses of $30 per unit. If the company can sell 24,000 units of Samoan Delight without incurring any additional fixed expenses a. Prepare a revised contribution format Income statement that includes Samoan Delight. Assume that sales of the other two products does not change. b. Compute the company's revised break-even point in dollar sales. Also, compute its revised margin of safety in dollars and margin of safety percentage