Island Novelties, Incorporated, of Palau makes two products-Hawaiian Fantasy and Tahitian Joy. Each product's selling price, variak expense per unit and annual sales volume are as follows: Fixed expenses total $475,800 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 safets percentage. 2. The company has developed a new product called Samoan Delight that sells for $45 each and that has variable expenses of $36 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 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. Assuming the sales mix given above, do the following: Prepare a contribution format income statement showir percent columns for each product and for the company as a whole. Complete this question by entering your answers in the tabs below. Assuming the sales mix given above, do the following: 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: Round your "Margin of safety percentage" to 1 decimal place (i.e 0.1234 should be entered as 12.3 ). The company has developed a new product called Samoan Delight that sells for $45 each and that has variable expenses of $3 can sell 10,000 units of Samoan Delight without incurring any additional fixed expenses: Prepare a revised contribution format includes Samoan Delight. Assume that sales of the other two products does not change. Note: Round your "Percentage" answers to 1 decimal place (i.e 0.1234 should be entered as 12.3 ). The company has developed a new product called Samoan Delight that sells for $45 each and that has variable expenses of $36 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: Round intermediate computations to 1 decimal place