Problem - III Cost-Volume-Profit (20 points) Temp Range Company prepared the following income statement for 2016: IBEX RANGE COMPANY Income Statement For the Year Ended December 31,2016 $200,000 75,000 125,000 83,200 $ 41,800 Sales (5,000 units). Variable expenses.. Contribution margin. Net Instructions Answer the following independent questions and show computations to support your answers. 1. What is the company's break-even point in units? 2. How many units would the company have had to sell to earn a target net income of $64,000 3. If the company expects a 25% increase in sales volume in 2017, what would be the expected 4. How much sales (in dollars) would the company have to generate in order to earn a target net in 2016? net income in 2017? income of $68,000 in 2017