Use the following information to calculate the sales price of a boat under both GAAP and for internal decision purposes: Number of boats to be sold Upstream costs Direct materials per boat Direct labor per boat Overhead per boat Downstream costs 500 $5,000,000 $ 50,000 $ 30,000 $ 20,000 $2,000,000 Assume the company wants to sell each boat for 20% more than the cost to produce the boat. Which of the following would be the sales price under GAAP and for internal decision purposes? (Do not round intermediate calculations.) GAAP a) b) $120,000 $136,800 $120,000 $136, 800 Internal Decision $136,800 $136,800 $114,000 $114,000 d) Multiple Choice Option A O Option B Option C Option D Use the following information to determine net income in the financial statements under GAAP: Number of boats to be sold Upstream costs Direct materials per boat Direct labor per boat Overhead per boat Downstream costs 690 $5,950,000 $ 69,000 $ 49,000 $ 39,000 $2,950,000 Assume the company wants to sell each boat for 25% more than the cost to produce the boat. Multiple Choice $27,082,500 $18,182,500 $8,900,000 $5,950,000