Problem 1: Phineas and Ferb decided (out of boredom) to open a milkshake booth this summer and call it "Milky Way" To further assist them on this endeavor, they contracted Perry, Jerry and Gary to be their much-needed independent agents in selling and advertising their new product in the city of Danville. At present, these secret agents receive a commission of 15% on sales. Milky Way quickly became a neighborhood trend under the scorching heat of the sun. Because of this, the agents unanimously petitioned for an increase on their commission to 20% of sales. Isabella, the controller, has finalized the current month's budget before the secret agents' petition for the increase in commission. This month's budgeted income statement (assume that COGS is a fully variable cost) Sales P100,000 Purchases 85,000 Ending Inventory 20,000 Commissions. ? Fixed Costs 1,000 Income Tax 30% Later on, Phineas and Ferb is now brainstorming on whether or not it is more feasible to employ three full-time sales executives at an estimated annual salary of P12,000 each, plus a commission of 5% of sales. In addition, a sales executive manager will also be hired at a fixed annual salary of P24,000. All other fixed costs, as well as the variable cost percentages, remain the same as the current month's budgeted income statement. Required: 1. How much should each independent agent receive as commission based on the current month's budgeted income statement prepared by Isabella? 2. Based on Isabella's budgeted income statement, how much is net income after tax? 3. Based on Isabella's budgeted income statement, how much is the contribution margin? How much is the estimated break-even point in peso sales for this month, based on the budgeted income statement prepared by Isabella? 5. How much is the contribution margin if the Phineas and Ferb decides to employ their own sales team?10. How much is the estimated break-even point in peso sales for this month if Phineas and Ferb decides to employ their own sales team? How much is the contribution margin ratio if Phineas and Ferb will employ their own sales team? How much is the net income after tax if the sales team will be employed? If Phineas and Ferb continues to use the secret sales agents and agrees to their unanimous petition on raising their commission to 25% of sales, how much volume in peso sales would be required to yield the same net income as projected in the budgeted income statement prepared by isabella? What is the margin of safety if Phineas and Ferb continues contracting the agents and agrees to raise their commission? \f