The Majestic Company manufactures and sells magic wands Management has just completed the preparation of the operating budget for the upcoming 2023 operating fiscal year. Budgeted data for 2023 is as follows: Expected level of production and sales.. 34,000 wands Costs Rent (office building and factory) Materials (wood, plastic for wands). Production Supervisor salaries.. Factory utilities... Wages (factory line employees). Advertising Expenses Selling price per wand. It takes a half hour of direct labour per wand $ $ 50,000/year 0.35/wand $ 120,000/year $ 0.25/wand $ 14.00/hour $ 25,000/year $ 15.00 Management has come to you for assistance in carrying out some planning for the 2023 operating year. * Where applicable, all "per unir" and "percentage" computations should be to 2 decimal places Required 1.) Calculate the expected net income (or loss) for the company by preparing a property labelled CVP Income Statement for 2023 (Show all applicable individual items, do not condense) 2) Based on the budgeted data for 2023, calculate the following: 3.) 4.) (a) Break-even point in units. (b) Break-even point in sales revenue dollars. (c) Margin of Safety in sales revenue dollars Management has been notified that their materials supplier is planning to increase their price by $0.75 per wand for the 2023 operating year. If Management wants to generate $60,000 of Net Income in 2023, what is the minimum level of sales revenue dollars required to achieve this? (Note: Do not calculate the unit sales required) Consider this situation independently of requirement After the budget for 2023 was prepared, management was notified by the landlord that the cost of rent is being increased by 10%. To offset this, management will increase the selling price per wand by 50 cents. Management expects that the level of sales output budgeted for 2023 will not change (a) For this situation, how many wands must the company now sell in order to break-even? (b) Will the effect of the increase in selling price be enough to offset the effect of the increase in rent? (In other words, will the company be more or less profitable after these changes in cost and selling price?) Explain without calculating net income under this alternative. (Hint: Compare this break-even point to the break-even point calculated in requirement 2 and be sure to make the connection to potential profitability. such as, will it be easier or more difficult to eam a profit