L Vitality Super Greenfood Supplement Budgeted information for 2020 Selling price: $3.50 per bomle of 100 capsules Direct Materials: main ingredient-fresh chlorella sea algae S1 per pound (1 pound of chlorella, after freeze drying, should yield 2 bottles of Vitality green-tinted glass bottles, S.30 each: cardboard carton for each case of 24 bottles 5.48 Direct Labor: 1 hour to freeze-dry algac, fill 24 boetles, and package them into a 24- bottle carton; factory workers cam S11 per hour Overhead (all fixed) $100,000 for the year Operating Expenses (all fixed): 550,000 Assume that all product produced is sold Your job as the new product financial team is to perform the following tasks: 1. Calculate breakeven point in units and sales for the product 2. Calculate the number of units and sales revenues required to achieve a target profit for the product of 100,000 3. Prepare a projected contribution-margin-format income statement for your target profit of $100.000 Actual results for the year 2020 Sales: 4800 cases; S408,000 Direct Materials: chlorella: 60.000 pounds purchased for $75,000, 58,000 pounds were used; bottles: 115,600 used, 115,000 were purchased for $34,500 cartons: 4830 used, 5,000 were purchased for $2,500 Direct Labor: 4700 hours were worked, total cost $61,100 Overhead: $100,000 Operating Expenses: $50,000 1. Prepare a contribution-margin-format income statement for your product's actual results for 2020 2. Prepare a complete variance analysis for your product by preparing a variance report that includes sales variances, direct material variances, and direct labor variances. 3. Come up with at least one feasible explanation for each variance you discover 4. Write a report to your company's CEO in which you present the product's sales performance, significant variances you discovered, and the reasons you found for the variances. Conclude your report by making suggestions for possible action to be taken towards solving the problems you found