Assignment 2: [ 5 marks] Contribution Income Statement Sales (16,000 units) 128,000 Variable expenses 80,000 48,000 Contribution Margin Fixed expenses 12.000 36,000 Net Operating Income 1. Jackpot company sells a single product, has provided its contribution format income statement for June. Required: a. Prepare Contribution Income Statement assuming that the business expects an increase in its total sales (as revenue) by 10% and decrease in variable cost per unit by $3. (2.5 marks) b. Refer to the original data, how much is the total sales which the business needs to generate to earn a target profit of $60,000, verify your answer by preparing contribution income statement. (1.5 marks) c. Refer to the original data and part b, calculate the percentage of increase in total profit. (1 mark)