Island Novelties, Incorporated, of Palau makes two products-Hawaiian Fantasy and Tahitian Joy. Each product's selling price, variable expense per unit and annual sales volume are as follows: Selling price per unit Variable expense per unit Hawaiian Fantasy $ 28 Number of units sold annually $ 9 15,000 Tahitian Joy $110 $ 33 7,500 Fixed expenses total $660,000 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 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 $30 each and that has variable expenses of $24 per unit. If the company can sell 25,000 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. Req 1A Req 1B Req 2A Req 2B Assuming the sales mix given above, do the following: Prepare a contribution format income statement showing both d percent columns for each product and for the company as a whole. Island Novelties, Incorporated Contribution Income Statement Hawaiian Fantasy Amount % Tahitian Joy Total Amount Amount Req 1A Req 18 Req 2A Req 28 The company has developed a new product called Samoan Delight that sells for $30 each and that has variable expenses of $24 per unit. If the company can sell 25,000 units of Samoan Delight without incurring any additional fixed expenses: Prepare a revised contribution format incom statement that includes Samoan Delight. Assume that sales of the other two products does not change. (Round your "Percentage" answers to 1 place (i.e 0.1234 should be entered as 12.3).) Sho Island Novelties, Incorporated Contribution Income Statement Hawaiian Fantasy Tahitian Joy Samoan Delight Total Amount % Amount % Amount mount < Req 1B Req 2B