Required Information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] Hudson Company reports the following contribution margin income statement. HUDSON COMPANY Contribution Margin Income Statement For Year Ended December 31 Sales (11,000 units at $300 each) Variable costs (11,000 units at $240 each) Contribution margin Fixed costs Incone $3,300,000 2,640,000 660,000 360,000 $300,000 Exercise 18-12 (Algo) Target income and margin of safety LO C2 1. Assume Hudson has a target income of $158,000. What amount of sales (in dollars) is needed to produce this target income? 2. If Hudson achieves its target income, what is its margin of safety (in percent)? (Round your answer to 1 decimal place.) 1. Amount of sales 2. Margin of safety 1%