Part C: Long Answer/Case-Based Questions. ( 20 marks) Time Allowed: 60 Minutes 1. Iron Decor manufactures decorative iron railings. The following data are available regarding their sales for the forthcoming period Number of units expected to sell : 30,000 Selling price per unit : $5.00 Variable cost per unit : $3.00 Total fixed expenses :$40,000 Based on the above information, calculate the following a. Prepare Contribution Format Income Statement b. Contribution Margin Ratio c. Break-Even Point in number of units and dollar amount. d. Margin of Safety e. If the company would project to earn a profit of $100,000, how many units it should sell? f. Operating leverage g. If the sale increase by 10% what will be the increase in net income in $)? 8 Marks