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The contribution format income statement for Hawkins Company for last year is given below: Sales Variable expenses Contribution margin Fixed expenses Net operating income Total $4,000,000 2.800,000 1,200,000 840,000 360,000 Unit $80.00 56.00 24.00 The company had average operating assets of $2,000,000 during the year. Required: 1. Compute the company's return on investment (ROI) for the period using the ROI formula state in terms of margin and turnover. Margin X Turnover ROI $360,000 $4,000,000 $4,000,000 $2,000,000 9% 2 18% For each of the following questions, indicate whether the margin or turnover will increase, decrease, or remain unchanged as a result of the events described, and then compute the new ROI figure. Consider each question separately, starting in each case from the data used to compute the original ROI in (#1) above. I did the first one (#2) for you. 2. Using Lean Production, the company is able to reduce the average level of inventory by $400,000. (The released funds are used to pay off short-term creditors.) X ROI Margin $360,000 Turnover $4,000,000 x $4,000,000 $1,600,000 9% x 2.5 22.5% Unchanged Increased Increased 3. The company achieves a cost savings of $32,000 per year by using less costly materials. Margin X Turnover ROI X X 4. The company issues bonds and uses the proceeds to purchase $500,000 in machinery and equipment at the beginning of the period. Sales remain unchanged. The new, more efficient equipment reduces production costs by $20,000. Margin X Turnover ROI 5. As a result of a more intense effort by salespeople, sales are increased by 20%; operating assets remain unchanged. X Margin Turnover = ROI 6. Obsolete inventory carried on the books at a cost of $40,000 is scrapped and written off as a loss. Margin x Turnover ROI x 7. The company uses $200,000 of cash (received on accounts receivable) to repurchase and retire some of its common stock. Margin X Turnover ROI x