Scott Cleary is evaluating a business opportunity to sell grooming kits at dog shows. Scott can buy the grooming kits at a wholesale cost of $29 per set. He plans to sell the grooming kits for $84 per set. He estimates fixed costs, such as travel costs, booth rental cost, and lodging, to be $880 per dog show. Requirements 1. Determine the number of grooming Kits Scott must sell per show to break even. 2. Assume Scott wants to earn a profit of $1,320 per show. a. Determine the sales volume in units necessary to earn the desired profit b. Determine the sales volume in dollars necessary to earn the desired profit. c. Using the contribution margin format, prepare an income statement (condensed version) to confirm your answers to Requirements (a) and (b). 3. Determine the margin of safety between the sales volume at the break-even point and the sales volume required to earn the desired profit. Determine the margin of safety in sales dollars, in units, and as a percentage. Less: Net income (loss) Requirement 3. Determine the margin of safety between the sales volume at the break-even point and the sales volume required to earn the desired profit. Determine the margin of safety in sales dollars, in units, and as a percentage. Begin by identifying the formula to compute the margin of safety in dollars. = Margin of safety in dollars The margin of safety in dollars is S . Now identify the formula to compute the margin of safety in units - Margin of safety in units Now identify the formula to compute the margin of safety in units = Margin of safety in units The margin of safety in units is grooming kits. Now identify the formula to compute the margin of safety as a percentage. * 100% Margin of safety as a percentage of target sales The margin of safety as a percentage of target sales is %