MagCo Inc. has provided you with the following year end full adsorption income statement: Sales $3,000,000 Less COGS: Raw Material $400,000 Direct Labor $800,000 Variable MOH $70,000 Fixed MOH $1,000,000 Total COGS $2,270,000 Gross Profit $730,000 Selling & Gen'l & Adim. Exp Variable Selling xp. $100,000 Fixed Selling Exp. $500,000 Total Selling Exp. $600,000 Gen'l Adim Expenses: Variable G&A Exp. $70,000 Fixed G&A Exp $600,000 Total G&A Exp. $670,000 Total Selling Exp. & Gen'l A $1,270,000 Profit (Loss) ($540,000) Required: 1 Prepare and Contribution Margin (Variable Cost) income statement. Use the next tab for answers 2 Calculate the Breakeven Point in $ using the Contribution Margin Equation method. 3 What would sales have to be to generate $300,000 in profit? Answers to problem 1 1. Contribution Margin income statement: 2. Calculation of Breakeven point using BE equiation: 3. What would sales have to be to generate