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Magnificent Modems, Incorporated makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. 1. Acquired $750,000 of cash from the owners. 2. Purchased $270,000 of manufacturing equipment. The equipent has a $30,000 salvage value and a four-year useful 1ite. 3. The company started and completed 5,000 nodens. Direct naterials purchased and used anounted to $40 per unit. 4. Direct labor costs anounted to $25 per unit. 5. The cost of manufacturing supplies used anounted to $4 per unit. 6. The company paid $50,000 to rent the manufacturing facility. 7. Magnificent sold all 5,000 units at a cash price of $120 per unit. 8. The sales staff was paid a $6 per unit sales cocenission. 9. Paid $39,000 to purchase equiphent for adninistrative offices. The equiprent was expected to have a $3,000 salvage value and a three-year useful iffe. 10. hdministrative expenses consisting of office rental and salarien amounted to $71,950. Required a. Use the following partially completed form to prepare an income statement using the contribution margin format. b. Determine the break-even point in units and in dollars. c. Assume that next year's soles are budgeted to be the same as the current year's sales. Determine the margin of safety expressed as a percentage. Complete this question by entering your answers in the tabs below. Determine the break-even point in units and in dollars. Note: Do not round intermediate calculations. Use the followina Dartiallv combleted form to nronare an inmme etatament using the contribution margin format. a. Use the following partially completed form to prepare an income statement using the contribution margin format. b. Determine the break-even point in units and in dollars. c. Assume that next year's sales are budgeted to be the same as the current year's sales. Determine the margin of safety expressed as a percentage. Complete this question by entering your answers in the tabs below. Determine the break-even point in units and in dollars. Note: Do not round intermediate calculations. Complete this question by entering your answers in the tabs below. Assume that next year's sales are budgeted to be the same as the current year's sales. Determine the margin of safety expressed as a percentage. Note: Do not round intermediate calculations. Round your answer to 1 decimal place, (i.e, 0.234 shouid be entered as 23.4 ) Magnificent Modems, Incorporated makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. 1. Acquired $750,000 of cash from the owners. 2. Purchased $270,000 of manufacturing equipment. The equipent has a $30,000 salvage value and a four-year useful 1ite. 3. The company started and completed 5,000 nodens. Direct naterials purchased and used anounted to $40 per unit. 4. Direct labor costs anounted to $25 per unit. 5. The cost of manufacturing supplies used anounted to $4 per unit. 6. The company paid $50,000 to rent the manufacturing facility. 7. Magnificent sold all 5,000 units at a cash price of $120 per unit. 8. The sales staff was paid a $6 per unit sales cocenission. 9. Paid $39,000 to purchase equiphent for adninistrative offices. The equiprent was expected to have a $3,000 salvage value and a three-year useful iffe. 10. hdministrative expenses consisting of office rental and salarien amounted to $71,950. Required a. Use the following partially completed form to prepare an income statement using the contribution margin format. b. Determine the break-even point in units and in dollars. c. Assume that next year's soles are budgeted to be the same as the current year's sales. Determine the margin of safety expressed as a percentage. Complete this question by entering your answers in the tabs below. Determine the break-even point in units and in dollars. Note: Do not round intermediate calculations. Use the followina Dartiallv combleted form to nronare an inmme etatament using the contribution margin format. a. Use the following partially completed form to prepare an income statement using the contribution margin format. b. Determine the break-even point in units and in dollars. c. Assume that next year's sales are budgeted to be the same as the current year's sales. Determine the margin of safety expressed as a percentage. Complete this question by entering your answers in the tabs below. Determine the break-even point in units and in dollars. Note: Do not round intermediate calculations. Complete this question by entering your answers in the tabs below. Assume that next year's sales are budgeted to be the same as the current year's sales. Determine the margin of safety expressed as a percentage. Note: Do not round intermediate calculations. Round your answer to 1 decimal place, (i.e, 0.234 shouid be entered as 23.4 )