Your friend has come to you and asked you to help him calculate some figures and make some financial statements. He also wants you to answer some managerial questions. Use the information below to answer the questions below: Sales Price Per Chair Sales Price Per Table $13.25 $43.00 Variable Product Cost Per Chair Fixed Product Cost Per Chair Variable Product Cost Per Table Fixed Product Cost Per Table $14.01 $0.60 $46.65 $0.98 Chairs Manufactured This Period Tables Manufactured This Period Beginning Finished Goods Chairs Inventory Beginning Finished Goods Tables Inventory Ending Finished Goods Chairs Inventory Ending Finished Goods Tables Inventory 107,000 81,000 7000 8000 7,000 4,000 Using what you read in the Information section, please calculate the following amounts, create the following Financial Statements, and answer the following questions: 1) Calculate Cost of Goods Sold in Dollars for Chairs 2) Calculate Cost of Goods Sold in Dollars for Tables 3) Prepare a Contribution Margin Income Statement for Chairs 4) Prepare a Contribution Margin Income Statement for Tables 5) Calculate the Break-Even Point in Units for Chairs and Tables 6) Explain what Contribution Margin is and how it is useful for making Management decisions. What types of costs are more "controllable" for Managers? 7) Which product is more profitable? Give 2 possible solutions for how Operating Income can be increased for the less profitable product and why each solution would raise Operating Income. Pick one of your options and explain why you think it is the best'most plausible of the two for this business. Write this as a business memo