E$15-22.$ Preparing a Profit Equation to Predict Future ProfitsPrepare a contribution income statement for July.

Picnic Time produces a picnic basket that is sold for $$100$ per unit. Assume the company produced and sold $4,000$ baskets during July. There were no beginning or ending inventories. Variable and fixed costs follow.

a$.$Prepare a monthly profit equation.

b$.$Determine profit for the month of July using the equation from part a$.$

c$.$For august, the company estimates that slaes will range between $4,100$on the low$-$end and $4,400$on the high$-$end. What is the range of predicted profits?

d$.$ prepare a contribution income statement for July.

e$.$ determine break $-$ even point in sales dollars.

f$.$ suppose the cost of labor is expected to increase next year. How will this affect the break $-$ even point?

g$.$ determine july's margin of safety in sales dollars.

h$.$ what dollar sales volume is currently required to obtain a before $-$ tax profit of $$120,000?$