Problem 5-27 (Algo) Sales Mix; Break-Even Analysis; Margin of Safety [LO5-5, LO5-9] Island Noveltles, Incorporated, of Palau makes two products-Hawallan Fantasy and Tahitlan Joy. Each product's selling price, varlable expense per unit, and annual unlt sales are as follows: Flxed expenses total $565,500 per year. Requlred: 1. Assuming the sales mlx glven above: a. Prepare a contrlbution format Income statement showing both dollar and percent columns for each product and for the company as a whole. b. Compute the company's break-even point In dollar sales. Also, compute Its margin of safety In dollars and Its margin of safety percentage. 2. The company has developed a new product called Samoan Delight that sells for $50 each and has varlable expenses of $35 per unit. If the company can sell 20,000 unlts of Samoan Delight without Incurrlng any additional fixed expenses: a. Prepare a revised contribution format Income statement that Includes Samoan Delight. Assume sales of the other two products do not change. b. Compute the company's revised break-even point In dollar sales. Also, compute Its revised margin of safety In dollars and margin of safety percentage. Complete this question by entering your answers in the tabs below. includes Samoan Delight. Assume sales of the other two products do not change. Note: Round your "Percentage" answers to 1 decimal place (i.e 0.1234 should be entered as 12.3 )