Which of the following statements is incorrect? Select one: Q The schedule of cash collections is prepared after the sales budget is prepared 0 The direct materials budget is prepared after the production budget 0 The sales budget is the starting point in preparing the master budget 0 The direct materials budget is prepared before the sales budget is prepared A company's break even point is 100 units. The contribution margin is $50 per unit. Net income at a sales level of 110 units is Select one: O $500 O $5,500 O not enough information is givenThe gross profit and gross profit % are Select one: 0 $25,000 and 12.5% respectively O $145,000 and 72.5% respectively O $90,000 and 45% respectively 0 $120,000 and 60% respectively Sales $200,000 Fixed manufacturing cost of goods sold $15,000 Cost of goods sold $55,000 Fixed selling and administrative expenses $25,000 Variable manufacturing cost of goods sold $40,000 Variable selling expenses $40,000