The following data is available for Milford Vinegar Co: Output level: (in units) 10,000 Bottles 15,000 20,000 Sales price per bottle: Variable production costs: Fixed production costs: Fixed selling and administrative costs: Total costs: 18.00 37,000 100,000 40,000 177,000 15.00 55,500 100,000 40,000 195,500 12.00 74,000 100,000 40,000 214,000 $ Requirements: 1. Prepare a contribution margin income statement for each level of production, include per unit detail 2. Assuming that the company will sell all output - At what level is profit maximized? 3. Calculate the break even point in dollar sales and units for each level of production 4. Analyze the pricing schedule that Milford is using - Why might Milford offer a lower customer price at higher production levels? 5. Management believes that by dropping the price to $10.50 per bottle and paying their sales staff a commission of 50 cents per bottle it can sell 24,000 bottles - Do you recommend this approach? Provide proof/support for your answer Explain what the management should be considering in making this decision