On these Excel sheets, you will need to prepare a complete projected income statement in the contribution format for each scenario, in the manner of a flexible budget. The cells will be checked for appropriate formulas, when appropriate. Please highlight the specific answer to the question being posed. Carolina Manufacturing Company has been operating at a loss for several years. A management team has assembled to determine what course of action to take next year to reach profitability. They begin by reviewing the most recent income statement (below). Sales (45,000 units at $15) Less cost of goods sold: Carolina Manufacturing Company Income Statement For the Year Ended December 31 $675,000 Direct materials 135,000 Direct labor 117,450 Manufacturing overhead 147,750 Gross margin 400,200 274,800 Less operating expenses Selling expenses Variable Sales commissi 40,500 Shipping 8,100 Fixed (advertisi 180,000 228,600 Administrative expenses Variable (billing Fixed (salaries 2,700 72,000 Net loss 74.700 ($28,500) All variable expenses vary with the number of units sold, except for sales commissions, which are based on a percentage of sales dollars. Variable manufacturing overhead is forty-five cents per unit. The plant has a capacity of 75,000 units per year. In order to facilitate the work of the management team, you are asked to prepare various spreadsheets and specific computations in Excel. A) Reformat the income statement in the contribution format. Include both a Total column and Per Unit column in the statement. E) Going back again to the original data, the team considers the possibility of covering losses and/or generating profit through special orders. The company has been approached by an overseas distributor who wants to purchase 10,000 units on a special price basis. (These overseas sales would have no effect on regular domestic business.) There would be no sales commission on these sales; shipping costs would increase by 50%, while variable administrative costs would be reduced by 25%. In addition, a $5,000 insurance fee would have to be paid to cover the goods while in transit. What price would Carolina have to quote on the special order in order to realize a profit of $16,000 on total operations? Would you advise the team to pursue this possibility? Why or why not