Island Novelties, incorporated, or Palau makes two products-Hawatan Fantasy and Tahitian Joy. Each products selling price, variatie expense per unit and annual sales volume are as follows: woman Fantasy selling price per unit Tahitian Joy 330 $ 125 Variable expense per unit 5.21 5.25 Number of units sold annually 10,000 5,600 Fixed expenses total $565,500 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 $35 per unit. If the company can sell 20.000 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 dotter 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