Problem 12-23 (Algo) Prepare a contribution margin format Income statement; calculate break-even polnt LO 7, 8, 9, 11 Presented here is the income statement for Big Shot Inc. for the month of May. Sales Cost of goods sold Gross profit Operating expenses Operating loss $61,000 54me $ 7,000 15,400 $(8,400) Based on an analysis of cost behavior patterns. It has been determined that the company's contribution margin ratio 16 20% Required: a. Rearrange the preceding Income statement to the contribution margin format. b. If sales increase by 10%, what will be the firm's operating income for loss)? c Calculate the amount of revenue required for Big Shot to break even. Complete this question by entering your answers in the tabs below. Reque A Required Required Rearrange the preceding income statement to the contribution margin format. $ Required) Problem 12-23 (Algo) Prepare a contribution margin format Income statement; calculate break-even point LO 7, 8, 9, 11 Presented here is the income statement for Big Shot Inc. for the month of May. Sales Cost of goods sold Gross profit Operating expenses Operating loss $61,600 54,000 $ 7,000 15,400 $(8,400) Based on an analysis of cost behavior patterns. It has been determined that the company's contributlon margin ratio : 20% Required: a. Rearrange the preceding Income statement to the contribution margin format. b. If sales increase by 10%, what will be the firm's operating income (or loss)? c Calculate the amount of revenue required for Big Shot to break even Complete this question by entering your answers in the tabs below. Required A Required Required If sales increase by 10%, what will be the firm's operating Income (or losa)? (Do not round intermediate calculations.)