Refer again to the income statements for Cover-to-Cover Company and Biblio Files Company on their respective Income Statement panels. Note that both companies have the same sales and net income. Answer questions (1) - (3) that follow, assuming that all data for the coming year is the same as the current year, except for the amount of sales. 1. Cover-to-Cover Company wants to increase its profit by $30,000 in the coming year, what must their amount of sales be? Points: 011 Income Statement - Biblio Files For the Year Ended December 31, 2017 1 Sales $424,000.00 Variable costs: Manufacturing expense Selling expense $169,600.00 16.960.00 67,840.00 Administrative expense 254,400.00 Contribution margin $169,600.00 Fixed costs Manufacturing expense. Selling expense 588,000.00 8,000.00 10,000.00 Administrative expense 106,000.00 $63.600.00 11. Income from operations Income Statement - Biblio Files Income Statement - Cover-to-Cover For the Year Ended December 31, 2017 1 Sales 5424,000.00 Variable costs: 5 Manufacturing expense Selling expense 5233,200.00 21,200.00 63,600.00 Administrative expense Contribution margin Fixed costs: 318,000.00 5106,000.00 Manufacturing expense Selling expense $5,000.00 4,000.00 1 Administrative expense 33,400.00 42,400.00 Income from operations $63.600.00