Island Novelties, Incorporated, of Polau 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 Number of units sold annually Hawaiian Fantasy $20 5 10 30.000 Tahitian Joy $ 125 52 5,200 Fixed expenses total $652,400 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 $50 each and that has variable expenses of $40 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 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 Complete this question by entering your answers in the tabs below. Fog Reg 10 Rag RA Jeg 20 Assuming the sales mix given above, do the following Prepare a contribution format income statement showing both dolanand percent columns for each product and for the company as a whole and Nove incorporated Control Statement Hawalion Fantasy tocal