Upstart T-Shirt Shop Traditional Absorption Income Statement For the Year Ended 12/31/02 Condensed Variable Costing or Contribution Income Statement Sales Total Variable Expenses Contribution Margin. Total Fixed Expenses Net Income (Loss). (3.000) 29 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