5. 2.50 points E6-22 Computing Target Profit, Preparing Contribution Margin Income Statement, Computing Margin of Safety [LO 6-2, 6-3] Erin Shelton, Inc., wants to earn a target profit of $970,000 this year. The company's fixed costs are expected to be $1,340,000 and its variable costs are expected to be 50 percent of sales. Erin Shelton, Inc., earned $870,000 in profit last year Required: 1. Calculate break-even sales for Erin Shelton, Inc Sales 2. Prepare a contribution margin income statement on the basis break-even sales. (Do not leave any cells blank, enter a zero wherever required.) Contribution Margin Income Statement Contribution Margin Proft 3. Calculate the required sales to meet the target profit of $970,000 rget Sales