Music Village sells amplifiers. Information from the quarter shows income of $1,478,400 and cost of goods sold as $672,000. The company has $287,840 in selling expenses, which includes a 10% commission for each amplifier sold. The company also has $120,000 in administrative expenses, 80% of which are fixed. The company buys amplifiers from several suppliers with an average price of $280 and resells them with a 120% mark-up on the price. Requirements 1. Prepare an income statement for the quarter using the absorption costing approach. 2. Prepare an income statement for the quarter using the contribution approach. 3. How much does the sale of each amplifier contribute to covering fixed costs? 4. What is the minimum number of amplifiers Music Village needs to sell to break even?