PROBLEM APPLICATION 4 CHAPTER 21 COST-VOLUME-PROFIT ANALYSIS, 100 POINTS. Use blue ink and present your handwritten solutions in good form (pdf or jpg file, proper underlines and double underlines, dollar signs when appropriate, correct spellings) in the answer sheets provided after the problems. You need to submit only the answer sheets with all necessary calculations England Productions performs London shows. The average show sells 1,300 tickets at $60 per ticket. There are 175 shows per year. No additional shows can be held as the theater is also used by other production companies. The average show has a cast of 65, cach earning a net average of $340 per show. The cast is paid after each show. The other variable cost is a program-printing cost of $8 per guest. Annual fixed costs total $728,000 Requirements 1. Compute revenue and variable costs for each show. 2. Use the equation approach to compute the number of shows England Productions must perform each year to break even. 3. Use the contribution margin ratio approach to compute the number of shows needed each year to earn a profit of $5,687,500. Is this profit goal realistic? Give your reasoning. I need to see two answers here a) yes or no, and b) your reasoning why o why not. r SOLUTION Requirement 1 Sales revenue per show Variable cost per show Requirement 2 Number of shows to breakeven Requirement 3 Contribution margin ratio Required sales in dollars Required sales in number of shows Realistic goal? Yes or no? Why or why not