Data table Gary Hoffman is evaluating a business opportunity to sell premium car wax at vintage car shows. The wax is sold in 64-ounce tubs. Gary can buy the premium tub. He plans to sell the premium wax for $80 per tub. He estimates fixed costs such as travel costs, booth rental cost, and lodging to be $900 per car show. Read the reguirements. Less: Not income (loss) Requirement 3. Determine the margin of safety between the salos volume at the breakeven point and the sales volume required to earn the desired profit Dotermine th sales dollars, units, and as a percentage. Begin by identifying the formula to compute the margin of sufetyindolines Hang Ten produces sports socks, The company has fixed expenses of $80,000 and variable expenses of $0.80 per package. Each package sells for $1.60. Read the requirements. Compute the contribution margin ratio. (Enter the ratio as a whole percant.) Begin by identifying the formula to compute the contribution margin ratio. Cart The ooctribution margin ratio is Requirement 2. Find the breakeven point in units and dollars. Begin by identifying the formula to comeute the breakeven sales in units using the centribution margin approach. The troakeven point in units is Find the breakeven point in dollars using the contribution margin approach. Begin by identhing the forrula to comeute the breakeven point in collars. 1= F Breakeven sales in actions The breakeven point in dollars is Requirement 3. Find the number af packaoss Hang Ten needs to sell to eam a s26,000 operating inobme. The nurreer of packenges bachiove an operaing hoome of 525,000 is make two types of plant stands to sell at the shows. Lenmy makes twig stands out of downed wood from tis beskyord and the yards of his neightors, so his variable cost is minimal (wood screws, glot, and so forth). However, Lency has to purchese wood to makg his oak plant stands. His unit phisos and toots are as follows: (Cliok the icon to view the data.) The twig stands ave more populac, so Lanny solls four twig stands for every one aok stand. Katie charges her husband $300 to share har boch at the crat shows (after alt, she has paid the entranoe foes). How many of each plant stand does Lanny nesed fo selt to brobloven? Wit this affect the number of scarves Ketie needs to soll to breakeven? Explain. calculaticon steo by steo. 3+ - Erochaven ssece in unes Drtwituen abes of twig stands is unhts. Requirements 1. Compute the contribution margin per package and the contribution margin ratio. 2. Find the breakeven point in units and in dollars. 3. Find the number of packages Hang Ten needs to sell to earn a $25,000 operating income. Gary Holtman is evaluating a business opportunity to sell promium cer wax at vintage car shows. The wax is sold in 64-ounce tubs. Gary can buy the premium wix at a wholesale cost of $30 por two. He plans to sell the prenium wax for $80 per tub. He estimates fixed costs such as travel costs, booth rental cost and lodging to be $900 per car show. Pead the regirements. c. Ueing the contritubon margin focmat prepere an hoome statement (condensed version) to confem your answers to parts a and b. * Marein of wety in dalars The furgin of satuly in doters is 1. Determine the number of tubs Gary must sell per show to break even. 2. Assume Gary wants to earn a profit of $1,100 per show. a. Determine the sales volume in units necessary to earn the desired profit. b. Determine the sales volume in dollars necessary to earn the desired profit. c. Using the contribution margin format, prepare an income statement (condensed version) to confirm your answers to parts a and b. 3. Determine the margin of safety between the sales volume at the breakeven point and the sales volume required to earn the desired profit. Determine the margin of safety in both sales dang Ten produces sports socks. The company has fred expenses of $80,000 and variable expenses of $0.80 per package. Each package sells ior $1.60. Read the reguiretsnis. Requirement 1. Complite the contribution marpin per package and the contrbution margin ratio. * Contribuson margin per unt The covibution margin per paciage is Compcte the contrbution mergn ratie. (Cifter the ritio as a whole percont.) The esontrovion margin ratio is Fequirement 2. Find the breakeven point in units and ootars The breikeven point h units is Find the broakever point in dollars uting twe comtrbution marg in opprosch. Lenny Hong ajmired his wile's suocess at seling scarves at local crafts shows, so he decided to make two types of plant stands to sell at the shows. Lenny makes twig stands out of downed wood from his backyard and the yards of his neighbors, so his variable cost is minimal (wood surewh, glie, and so forth). However, Lenny has to purchase wood to make his oak plant stands. His unit prices and costs are as follows: Ef(Clisk the iocon to viow the data) The twig stands are more popular, so Lonny sells four Awig stands for every one stand. Kate charges her husband $300 to share her booth at the crat shown (aC. she has paid the entranco foes). How many of each plant stand does Lenny neod to breakeven? Wil this affoct the number of scarnes Kate needs to soll to breakev Explain. - Breucriven saies in uoch uns. oscidec ss shim her orati boots. Tratche Kald will nood so tol Gary Holfman is tvaluating a business opportunily to sell promium car wax at vintage car shows. The wax is sold in 64-ounce tuba. Gary can buy the premium wax at a wholosale cost of 530 par Rend the reoulements. Requirement 1, Delermice the number of twos Gary mut well por show bo break even. Gary munt aill tubs per show to besakenen Gormant selt Gery nat achione siles of Sundened inoame Stuabment