Island Novelties, Incorporated, of Palau makes two productsHawaiian Fantasy and Tahitian Joy. Each product's selling price, variable expense per unit, and annual unit sales are as follows: Hawaiian Fantasy Tahitian Joy Selling price per unit $ 20 $ 100 Variable expense per unit $ 13 $ 40 Number of units sold annually 22,000 6,600 Fixed expenses total $506,000 per year. Required: 1. Assuming the sales mix given above: 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 $55 each and has variable expenses of $44 per unit. If the company can sell 10,000 units of Samoan Delight without incurring any additional fixed expenses: a. Prepare a revised contribution format income statement that includes Samoan Delight. Assume sales of the other two products do 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 Req lB Req 2A Req 23 Assuming the sales mix given above: Prepare a contribution format income statement showing both dollar and percent columns for each product and for the company as a whole. Complete this question by entering your answers in the tabs below. Req 1A Req 13 Req 2A Req 23 Assuming the sales mix given above: Compute the company's break-even point in dollar sales. Also, compute its margin of safety in dollars and its margin of safety percentage. Note: Do not round your intermediate calculations. Round your "Margin of safety percentage" final answer to 1 decimal place (i.e 0.1234 should be entered as 12.3). Round your other final answers to the nearest whole dollar. Show less A Breakeven point in dollar sales Margin of safety in dollars Margin of safety percentage Complete this question by entering your answers in the tabs below. ' Req 1A Req lB Req 2A ' Req ZB ' The company has developed a new product called Samoan Delight that sells for $55 each and has variable expenses of $44 per unit. If the company can sell 10,000 units of Samoan Delight without incurring any additional xed expenses: Prepare a revised contribution format income statement that includes Samoan Delight. Assume sales of the other two products do not change. Note: Round your "Percentage" answers to 1 decimal place (i.e 0.1234 should be entered as 12.3). Show IessA Complete this question by entering your answers in the tabs below. Req 1A Req lB Req 2A Req 25 The company has developed a new product called Samoan Delight that sells for $55 each and has variable expenses of $44 per unit. If the company can sell 10,000 units of Samoan Delight without incurring any additional fixed expenses: 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. Note: Do not round your intermediate calculations. Round your \"Margin of safety percentage" nal answer to 1 decimal place (i.e 0.1234 should be entered as 12.3). Round your other final answers to the nearest whole dollar. Show IessA Break-even point in dollar sales Margin of safety in dollars Margin of safety percentage