Question 5 (30 mins, 24 marks) Barnes Company sells three products: A, B, and C. Budgeted sales by product and in total for the coming month are as follows: Product A Product B Product C Total % of total sales 48% 20% 32% 100% Sales $240,000 100% $100,000 100% $160,000 100% $500,000 100% Variable expenses 72,000 30% 80,000 80% 88,000 55% 240,000 48% Contribution margin $168,000 70% $ 20,000 20% $ 72,000 45% $260,000 52% Fixed expense 223,600 Operating income $ 36,400 As shown by these data, operating income is budgeted at $36,400 for the month. Assume that actual sales for the month total $500,000 as planned. Actual sales by product, however, are: A = $160,000 B = $200,000 C = $140,000 Required: a) Calculate the break-even sales for the coming month, based on budgeted data. (2 marks)b] Prepare a contribution income statement for the month based on actual sales data. Assume variable expenses are a percentage of sales and total fixed expenses are the same as budgeted. Present the income statement in the same format as shown above. [16 marks] c] Calculate the breakeven sales for the month, haaed on actual data. [2 marks] d] Explain Why the company did not meet the budgeted operating income or breakeven sales even though it met its SEDDDrJ sales budget. [4 marks]