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Income Statement - Cover-to-Cover Cover-to-Cover Company Contribution Margin Income Statement For the Year Ended December 31 Sales $424,000.00 Variable costs: Manufacturing $233,200.00 Selling 21,200.00 63,600.00 Administrative 318,000.00 Contribution margin $106,000.00 7 Fixed costs: Manufacturing Selling $5,000.00 4,000.00 33,400.00 Administrative 42,400.00 11 Income from operations $63,600.00 Income Statement - Biblio Files Biblio Files Company Contribution Margin Income Statement For the Year Ended December 31 1 Sales $424,000.00 Variable costs: Manufacturing $169,600.00 Selling 16,960.00 Administrative 67,840.00 254,400.00 $169,600.00 Contribution margin 7 Fixed costs Manufacturing Selling $88,000.00 8,000.00 10,000.00 Administrative 106,000.00 11 Income from operations $63,600.00 Sales Mix Biblio Files Company is making plans for its next fiscal year, and decides to sell two new types of bookshelves, Basic and Deluxe. The company has compiled the following estimates for the new product offerings. Variable Cost per Unit Type of Bookshelf Basic Sales Price per Unit $5.00 Deluxe $9.00 The company is interested in determining how many of each type of bookshelf would have to be sold in order to break even if we think of the Basic and Deluxe products as components of one overall enterprise product called "Combined, the unit contribution margin for the Combined product would be $2.31. Fixed costs for the upcoming year are estimated at $346,962. Recall that the totals of all the sales mix percents must be 100%. Determine the amounts to complete the following table Type of Bookshelf Percent of Sales Mix Break Even Sales in Units Break-Even Sales in Dollars Basic Deluxe Target Profit Refer again to the income statements for Cover-to-Cover Company and Biblio Files Company on their respective Income Statement panels. Note that both companies have the same sales and net income. Answer questions (1)-(3) that follow, assuming that all data for the coming year is the same as the current year, except for the amount of sales required, round answers to the nearest dollar 1. If Cover-to-Cover Company wants to increase its profit by $20,000 in the coming year, what must their amount of sales be? 2. If Biblio Files Company wants to increase its profit by $20,000 in the coming year, what must their amount of sales be$ 3. What would explain the difference between your answers for (1) an The companies have goals that are not in the relevant range The answers are not different, each company has the same require mount for the coming year to achieve the desired target profit Cover-to-Cover Company's contribution margin ratio is lower meaning that it's more efficient in its operations Biblio Files Company has a higher contribution margin ratio, and so more of each sales dollar is available to cover fixed costs and provide income from operations