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McKnight Company sells flags with team logos. Mcknight has fixed costs of $600,000 per year plus variable costs of $10.00 per flag. Each tlag sells for $2.00 Read the reguiements First, select the formula to comp ite the required sales in units to break even Rearrange the formula you determined above and compute the required number of flags to break even The number of flags McKnight must sell each year to brenk even is Requirement 2. Use the contribution margin ratio approach to compute the dollar sales McKnight needs to earn 560.000 in operating incorne for the year (Round the contribution margin tatio to two decimal places.) Begin by showing the formula and then entering the amounts to calculate the required sales dollars to eam 560,000 in operating income (Round the required sales in dollars up to the nearest whole dollar. For example, $10:25 would be rounded to $11 Abbrevlation used CM = contribution margin) McKnight Company sells flags with leam logos. Mcknight has fixed costs of $600,000 per year plus vatiable costs of $10.00 per flag. Each llag selts for $25.00 Read the Requirement 3. Prepare McKnights contribution margin income statement for the year anded December 31 , for sales of 32,000 flags (Round your final answers up to the next whole number.) (Use parentheses or a minus sign for an operating loss.) Requirement 4. The company is considering an expansion that Will increase foxed costs by 20% and variable costs by $2.50 par flag. Compute the narw breakeven poir Requirement A. The company is considering an expansion in dollars. Should McKnight undertake the expansion? Give your reasoning (Round your final answers up to the next whole number.) (Use the equation approach) Requirement 4. The company is considering an expansion that will increase fixed costs by 20% and variable costs by $2.50 per flag-Campute the new breakeven point in units and in dollars. Should McKnight undertake the expansion? Gtve your reasoning. (Round your final answers up to the next whole riumber) (Use the equation approach.) Begin by selecting the formula to compute the required sales in units to break even under the expansion plan. Rearrange the formula you determined above and compute the required number of flags to break even under the expansion plan Under the expansion plan, the breakeven point in units would be Under the expansion plan, the breakeven point in doliars would be Should Mcknight undertake the expansion? Glve your reasoning de Mcknight should only undertake the expansion if expected profits from the expansion Requirements 1. Use the equation approach to compute the number of flags McKnight must sell each year to break even. 2. Use the contribution margin ratio approach to compute the dollar sales McKnight needs to earn $60,000 in operating income for the year. (Round the contribution margin ratio to two decimal places.) 3. Prepare McKnight's contribution margin income statement for the year ended December 31 , for sales of 32,000 flags. (Round your final answers up to the next whole number.) 4. The company is considering an expansion that will increase fixed costs by 20% and variable costs by $2.50 per flag. Compute the new breakeven point in units and in dollars. Should McKnight undertake the expansion? Give your reasoning. (Round your final answers up to the next whole number.)