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The contribution margin income statement of First Cup Coffee for February follows: E (Click the icon to view the contribution margin income statement.) First Cup Coffee sells three small coffees for every large coffee. A small coffee sells for $3.00, with a variable expense of $1.50. A large coffee sells for $5.00, with a variable expense of $2.50. Requirements 1. Determine First Cup Coffee's monthly break-even point in numbers of small coffees and large coffees. Prove your answer by preparing a summary contribution margin income statement at the break-even level of sales. Show only two categories of expenses: variable and fixed. 2. Compute First Cup Coffee's margin of safety in dollars. 3. Use First Cup Coffee's operating leverage factor to determine its new operating income if sales volume increases 15%. Prove your results using the contribution margin income statement format. Assume the sales mix remains unchanged. Requirement 1. Determine First Cup Coffee's monthly break-even point in numbers of small coffees and large coffees. Begin by identifying the formula to compute the total break-even point in units. Fixed expenses + Operating income ) / Weighed-avg. CM per unit Break-even sales in units Now calculate the weighted average contribution margin per unit. (Round the weighted average contribution margin per unit to the nearest cent.) Small Large Total Sales price per unit 3 5 1.5 2.5 Less: Variable expense per unit Contribution margin per unit Sales mix in units Contribution margin Weighted average contribution margin per unit The break-even point is small cups and | large cups of coffee. Prepare a summary contribution margin income statement to prove your answer above. (For amounts with a zero balance, make sure to enter "0" in the appropriate cell.) Small Large Total Sales revenue Less Variable expenses Contribution margin Less Fixed expenses Operating income Requirement 2. Compute First Cup Coffee's margin of safety in dollars. Identify the formula to compute the margin of safety in dollars. Sales Break-even sales in dollars = Margin of safety in dollars The margin of safety in dollars is $ Requirement 3. Use First Cup Coffee's operating leverage factor to determine its new operating income if sales volume increases 15%. Prove your results using the contribution margin income statement format. Assume the sales mix remains unchanged. Identify the formula to compute the operating leverage factor. Contribution margin 1 Operating income Operating leverage factor First Cup Coffee's operating leverage factor is (Round your answer to two decimal places.) If First Cup Coffee can increase sales revenue by 15%, keeping the sales mix the same, operating income will be $ Prepare a summary contribution margin income statement to prove your answer above. (For amounts with a zero balance, make sure to enter "0" in the appropriate cell.) First Cup Coffee Effect on Operating Income of 15% Increase in Sales Volume Current level Percent increase Dollar increase Sales revenue 15% Prepare a summary contribution margin income statement to prove your answer above. (For amounts with a zero balance, make sure to enter "0" in the appropriate cell.) First Cup Coffee Effect on Operating Income of 15% Increase in Sales Volume Current level Percent increase Dollar increase Sales revenue 15% Less: Variable expenses 15% Contribution margin Change in fixed expenses Operating income before sales increase Operating income after sales increase Choose from any list or enter any number in the input fields and then continue to the next question. First Cup Coffee Contribution Margin Income Statement For the Month Ended February 29 Sales revenue S 88,000 Variable expenses Cost of goods sold $ 30,000 Marketing expense 8,000 2,000 General and administrative expense 40,000 48,000 Contribution margin Fixed expenses: Marketing expense 34,650 General and administrative expense 7,350 42,000 $ 6,000 Operating income