Data table Safety Place Income Statement For the Year Ended May 31, 2024 Product Line Industrial Household Systems Systems Total Net Sales Revenue $ 330,000 $ 390,000 $720,000 Cost of Goods Sold: Variable Fixed 33,000 48,000 81,000 240,000 66,000 306,000 273,000 114,000 387,000 Total Cost of Goods Sold Gross Profit 57,000 276,000 333,000 Selling and Administrative Expenses: Variable 68,000 77,000 145,000 43,000 Fixed 29,000 72,000 111,000 106,000 217,000 Total Selling and Administrative Expenses $ Operating Income (Loss) (54,000) $ 170,000 $116,000 Print Done Members of the board of directors of Safety Place have received the following operating income data for the year ended May 31, 2024: (Click the icon to view the operating income data.) Members of the board are surprised that the industrial systems product line is not profitable. They commission a study to determine whether the company should drop the line. Company accountants estimate that dropping industrial systems will decrease fixed cost of goods sold by $80,000 and decrease fixed selling and administrative expenses by $10,000. Read the requirements. Requirement 1. Prepare a differential analysis to show whether Safety Place should drop the industrial systems product line. (Use parentheses or a minus sign to enter decreases to profits.) in operating income Requirement 2. Prepare contribution margin income statements to show Safety Place's total operating income under the two alternatives: (a) with the industrial systems line and (b) without the line. Compare the difference between the two alternatives' income numbers to your answer to Requirement 1. (Use parentheses or a minus sign for an operating loss.) Safety Place Contribution Margin Income Statement For the Year Ended May 31, 2024 Totals With Industrial Systems Totals Without Industrial Systems Change if Industrial Systems Is Dropped Net Sales Revenue Variable Costs: Manufacturing Selling and Administrative Total Variable Costs Contribution Margin Fixed Costs: Manufacturing