Look-Out, Inc. manufactures and sells home security cameras, related information appears below when 12,000 units were produced and sold: Total Item Cost Utilities for administrative office space $1,200 Rent on factory and equipment 28,000 Wages for factory manager 4,000 Advertising (billboard rental) 800 Salaries for administrative personnel 64,000 Utilities for factory 3,500 Cameras, metal cases and wiring 78,000 Rent on administrative office space 3,300 Wages for factory assemble staff 82,000 Required: a b C d Identify all costs above as either a product cost (specifically DM, DL or OH) or a period cost (PC). The company uses the cost-plus approach to pricing, has a current price of $35 per unit and wants to achieve an approximate profit of 25 percent. Did it meet its profit objective last month? Briefly explain. Regardless, what two specific actions would you recommend to improve its profitability? If the company had produced 12,000 units but only sold 9,000 units what dollar amount would it report for cost of goods sold and ending inventory in its financial statements (round your final answer for each to the nearest whole dollar)? Identify all costs as either a variable cost (VC) or a fixed cost (FC) then calculate the variable cost per unit (rounded to two decimal places) assuming 12,000 units were produced and sold as well as the total fixed costs. What is the break-even point (rounded to the nearest whole unit)? Prepare a CVP income statement to answer each scenario below. The scenarios are independent of each other and unless specified otherwise, use the volume, rounded VC per unit and FC data from part d as well as a price of $35 per unit. e. f. g. For next month, the company is considering whether it should use a higher quality camera in its product line. If so, its costs for cameras would increase by $2.50 per unit. If the change is made, the company anticipates that unit sales will increase by 8 percent. What is the projected net income under this scenario? Instead, the company is also considering upgrading their production equipment to improve the packaging process and improve the product's durability. If so, its costs for rent on equipment would increase by $40,000 and the company anticipates that unit sales will increase by 1,500 units. What is the projected net income under this scenario? Would you recommend either course of action in part e or part f? Briefly explain.