Wk 2 Homework [due Day 7] 1 Island Noveltes, Inc, of Palau makes two products - Hawasan Fantasy and Tahirin Joy Ear per unit and annual sales volume are as follows Fued expenses total 5850.500 per year Recuired: 1. Assuming the sales mis given above, do the following a Prepare a contibution format noome statement showing both doll w and percent colunns for each procuct and for the carricary at a whole b Corpute the companys break even point in dollar sales. Asa, compute its margh of safefy in dollars and its margin of tafiety 2. The canpery has develcoed a new product called Samoan Deight that sels for 560 each and hut has vinsabie expensess af Said per unit if the company can sell 21000 units of Samoan Detight wethout incuring any addisonal fired erpenses a Priphre a revised conte. produets does net change: Cuanghete this partisin by entering poer anvwers in the tatis beter. Fixed expenses total $850,500 per year. Required: 1. Assuming the sales mix given above, do the following: a. Prepare a contribution format income statement showing both dollar and percent columns for each product and for th as a whole. b. Compute the company's break-even point in dollar sales. Also, compute its margin of safety in dollars and its margin o percentage. 2. The company has developed a new product called Samoan Delight that sells for 560 each and that has variable per unit. If the company can sell 21,000 units of Samoan Delight a. Prepare a revised contribution format income statement that includes Samoan Delight. Assume that sales of the othe products does not change. b. Compute the company's revised break-even point in dollar sales. Also, compute its revised margin of safety in dollars of safety percentage. Complete this question by entering your answers in the tabs below. Assuming the sales mix given above, do the following: Compute the company's break-even point in dollar sales. Also, compute its margin of safety in dollars and its margin of safety percentage. (Do not round your intermediate calculations. found your "Margin of safety percentage" final answer to 1 decimal place (i.e 0.1234 should be entered as 12.3 ) other final answers to the nearest whole dollar.) Wk 2 Homework [due Day 7] 1 Island Noveltes, Inc, of Palau makes two products - Hawasan Fantasy and Tahirin Joy Ear per unit and annual sales volume are as follows Fued expenses total 5850.500 per year Recuired: 1. Assuming the sales mis given above, do the following a Prepare a contibution format noome statement showing both doll w and percent colunns for each procuct and for the carricary at a whole b Corpute the companys break even point in dollar sales. Asa, compute its margh of safefy in dollars and its margin of tafiety 2. The canpery has develcoed a new product called Samoan Deight that sels for 560 each and hut has vinsabie expensess af Said per unit if the company can sell 21000 units of Samoan Detight wethout incuring any addisonal fired erpenses a Priphre a revised conte. produets does net change: Cuanghete this partisin by entering poer anvwers in the tatis beter. Fixed expenses total $850,500 per year. Required: 1. Assuming the sales mix given above, do the following: a. Prepare a contribution format income statement showing both dollar and percent columns for each product and for th as a whole. b. Compute the company's break-even point in dollar sales. Also, compute its margin of safety in dollars and its margin o percentage. 2. The company has developed a new product called Samoan Delight that sells for 560 each and that has variable per unit. If the company can sell 21,000 units of Samoan Delight a. Prepare a revised contribution format income statement that includes Samoan Delight. Assume that sales of the othe products does not change. b. Compute the company's revised break-even point in dollar sales. Also, compute its revised margin of safety in dollars of safety percentage. Complete this question by entering your answers in the tabs below. Assuming the sales mix given above, do the following: Compute the company's break-even point in dollar sales. Also, compute its margin of safety in dollars and its margin of safety percentage. (Do not round your intermediate calculations. found your "Margin of safety percentage" final answer to 1 decimal place (i.e 0.1234 should be entered as 12.3 ) other final answers to the nearest whole dollar.)