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Exercise 7-16 Working with a Segmented Income Statement; Break-Even Analysis [L07-4, LO7-5] The following information applies to the questions displayed below.] Raner, Harris & Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm has two offices-one in Chicago and one in Minneapolis. The firm classifies the direct costs of consulting jobs as variable costs. A contribution format segmented income statement for the company's most recent year is given: Office Total Company Chicago Minneapolis sales $1, 012, 500 100.0$ $202,500 100% $810 , 000 100% Variable expenses 546 , 750 54.08 60, 750 30% 486, 000 60% Contribution margin 465 , 750 46.08 141 , 750 708 324, 000 40% Traceable fixed expenses 226, 800 22.48 105, 300 528 121,500 158 office segment margin 238,950 23.68 $ 36, 450 18% $202, 500 25% Common fixed expenses not traceable to offices 162 , 000 16 .08 Net operating income $ 76,950 7.68 Exercise 7-16 Part 1 Required: a. Compute the companywide break-even point in dollar sales. -b. Compute the break-even point for the Chicago office and for the Minneapolis office. -c. Is the companywide break-even point greater than, less than, or equal to the sum of the Chicago and Minneapolis break-even points? Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Compute the companywide break-even point in dollar sales. (Round "CM ratio" to 2 decimal places and final answer to the nearest whole dollar amount.) Break-even point in dollar salesExercise 7-16 Working with a Segmented Income Statement; Break-Even Analysis [L07-4, LO7-5] [The following information applies to the questions displayed below.] Raner, Harris & Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm has two offices-one in Chicago and one in Minneapolis. The firm classifies the direct costs of consulting jobs as variable costs. A contribution format segmented income statement for the company's most recent year is given: office Total Company Chicago Minneapolis Sales $ 1, 012, 500 100.0$ $202,500 1008 $810 , 000 100% Variable expenses 546, 750 54.08 60, 750 30% 486, 000 60% Contribution margin 465, 750 46.08 141, 750 70% 324,000 40% Traceable fixed expenses 226,800 22.48 105,300 528 121 , 500 15% office segment margin 238, 950 23.68 $ 36, 450 18% $202 , 500 25% Common fixed expenses not traceable to offices 162, 000 16.08 Net operating income $ 76,950 7.68 Exercise 7-16 Part 1 Required: 1-a. Compute the companywide break-even point in dollar sales. 1-b. Compute the break-even point for the Chicago office and for the Minneapolis office. 1-c. Is the companywide break-even point greater than, less than, or equal to the sum of the Chicago and Minneapolis break-even points? Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Compute the break-even point for the Chicago office and for the Minneapolis office. (Round "CM ratio" to 2 decimal places and final answers to the nearest whole dollar amount.) Break- Even Point Chicago office Minneapolis officeExercise 7-16 Working with a Segmented Income Statement; Break-Even Analysis [L07-4, LO7-5] [The following information applies to the questions displayed below.] Raner, Harris & Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm has two offices-one in Chicago and one in Minneapolis. The firm classifies the direct costs of consulting jobs as variable costs. A contribution format segmented income statement for the company's most recent year is given: Office Total Company Chicago Minneapolis Sales $1, 012, 500 100.08 $202 , 500 1008 $810 , 000 1008 Variable expenses 546, 750 54.08 60, 750 30% 486 , 000 60% Contribution margin 165, 750 46.08 141 , 750 708 324, 000 40% Traceable fixed expenses 226, 800 22.48 105, 300 528 121, 500 158 office segment margin 238,950 23.68 $ 36, 450 18% $202, 500 25 Common fixed expenses not traceable to offices 162 ,000 16.08 Net operating income 76,950 7.68 Exercise 7-16 Part 1 Required: 1-a. Compute the companywide break-even point in dollar sales. 1-b. Compute the break-even point for the Chicago office and for the Minneapolis office. I-c. Is the companywide break-even point greater than, less than, or equal to the sum of the Chicago and Minneapolis break-even points? Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Is the companywide break-even point greater than, less than, or equal to the sum of the Chicago and Minneapolis break-even points? OGreater than OLess than OEqual to