Island Novelties, Incorporated, of Palau makes two productsHawaiian Fantasy and Tahitian Joy. Each product's selling price, variable expense per unit and annual sales volume are as follows: Hawaiian Fantasy Tahitian Joy Selling price per unit 5. 26 $ 125 Variable expense per unit $ 13 $ 50 Number of units sold annually 15,888 5,160 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. b. Compute the company's breakeven point in dollarsales. Also, compute its margin of safety in dollars and its margin of safety percentage. 2. The company has developed a new product called Samoan Delightthat sells for $45 each and that has variable expenses of $2? per unit If the company can sell 12,500 units of Samoan Delight without incurring any additional xed 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 breakeven point in dollar sales. Also, compute its revised margin of safety in dollars and margin of safety percentage. Complete this question by entering your answers in the tabs below. ' Req 1A ' RBI] 1B Req 2A Req ZB Assuming the sales mix given above, do the following: Prepare a contribution format income statement showing both dollar and percent columns for each product and for the company as a whole. Assuming the sales mix given above, do the following: Compute the company's breakeven point in dollar sales. Also, compute its margin of safetyr in dollars and its margin of safetyI percentage. (Do not round your intermediate calculations. Round 1your "Margin of safety:r percentage" nal answer to 1 decimal place (Le 0.1234 should be entered as 12.3). Round your other nal answers to the nearest whole dollar.) Break-even point in dollar sales Margin of safety in dollars Margin of safety percentage _E Req 1A Req 1B Req 2A Req 2B The company has developed a new product called Samoan Delight that sells for $45 each and that has variable expenses of $27 per unit. If the company can sell 12,500 units of Samoan Delight without incurring any additional fixed expenses: Prepare a revised contribution format income statement that includes Samoan Delight. Assume that sales of the other two products does not change. (Round your "Percentage" answers to 1 decimal place (i.e 0.1234 should be entered as 12.3).) Show lessA Island Novelties, Incorporated Contribution Income Statement Hawaiian Fantasy Tahitian Joy Samoan Delight Total Amount % Amount % Amount % AmountThe company has developed a new product called Samoan Delight that sells for $45 each and that has variable expenses of $2? per unit. If the company can sell 12,500 units of Samoan Delight without incurring any additional xed expenses: Compute the company's revised breakeven point in dollar sales. Also, compute its revised margin of safety in dollars and margin of safety percentage. {Do not round your intermediate calculations. Round your "Margin of safety percentage" nal answer to 1 decimal place {i.e 0.1234 should he entered as 12.3}. Round your other nal answers to the nearest whole dollar.) Show less; Margin of safety percentage