Upstart T-Shirt Shop Traditional Absorption Income Statement For the Year Ended 12/31/02 Additional Information: Cost of Goods Sold. All Variable Selling Expenses. 43% is Variable (so, 57% must be fix General \& Admin 10% is Variable (s0, 90% must be fixed Revised Income Statement in Variable Costing (Contribution Margi Upstart T-Shirt Shop Variable Costing or Contribution Income Staten For the Year Ended 12/31/02 Condensed Variable Costing or Contribution Income Statement 1. Calculate the breakeven points in units (\# of shirts) using the financial data above. 2. If Upstart T-Shirt Shop sells 7,500 units (t-shirts), what would be the net income? 3. If the owner of Upstart T-Shirt has a target profit of $27,000 per year, what would be the required number of units (t-shirts) that must be sold to generate the $27,000 profit? 4. Assume a new T-Shirt shop just opened three door down from Upstart. The Upstart owner feels she must lower her selling price to $11.00 per t-shirt to stay competitive. What is the minimum number of units ( t-shirts) that Upstart must sell at \$11.00 per t-shirt and still maintain a target profit of $27,000