PROBLEM 3 (15 Points): Chapin Consumer Clothing sells four products: hats, scarves, gloves and boots. The hats sell for $20 each and cost $15 each to produce. The scarves sell for $28 each and cost $19 each to produce. The gloves sell for $15 each and cost $8.50 each to produce. The boots sell for $37 each and cost $29 each to produce. In addition to the production costs, there are also invoice costs of 10% of the sales price to sell each product. Fixed costs are $400,000 per year for the company. The company has a goal of making $850,000 in profit this year and would like to know how many of each product it needs to sell to meet that goal. 1. What is the contribution margin for each of the products (2 points)? 2. Out of every 10 products the company sells, it sells 2 hats, 3 scarves, 4 gloves, and 1 pair of boots. Using this information, calculate the weighted average contribution margin per unit for the company (2 points). 3. Describe two things you can check to help ensure that your answer to question 2 is on the right track (2 points). 4. Calculate the total breakeven point in units for this company (3 points). 5. Calculate the number of each product the company needs to sell in order to make its profit goal for the year (6 points). need rou