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Paper Only Corp. has a compensation plan for its sales reps where if they meet a targeted operating income level for the quarter they receive a 10% bonus based on the net operating income goal! Jim just received his sales information from January and February. He needs to determine the total sales he must make in March in order to receive a bonus. Use Goal Seek to help Jim determine the total sales he needs to make in March to reach the targeted income level for the first quarter. Targeted operating income for the quart $ 15,000 March Quarter Totals Income Statement Units Sold Price per unit Variable expense per unit January February 1,500 1,250 5.00 $ 5.00 $ 0.75 $ 0.75 $ A A $ $ AG 5.00 0.75 $ $ 7,500 $ 6,250 $ 13,750 Sales Operating expenses: Variable expenses Fixed expenses Total expenses 1.125 1.750 2,875 $ 938 1,750 2,688 $ 2,063 5,250 7,313 1.750 1,750 $ $ Operating income $ 4,625 $ 3,563 $ (1,750) $ 6,438 a. Using Goal Seek in Excel, determine the total number of units that Jim needs to sell in March in order to meet his targeted operating income for the quarter. Total number of units to sell in March b. If the company increases its price per unit by $1.00 in March, what is the minimum number of units that Jim needs to sell in order to meet his targeted operating income for the quarter? Use Goal Seek to find your answer. Total number of units to sell in March after price increa ? C. Assume that Jim met his target net operating income of $15,000 and will now receive a $1,500 bonus. Jim plans to use his bonus as a down payment on a car. Using the PMT function, determine the monthly payment for his new car loan $ $ $ Cost of car Down payment Loan amount Term (in months) Interest Rate (annual) Monthly Payment 30,000 1,500 28,500 60 4.75% d. Jim decides to wait to buy his car until he has a larger down payment. He wants to determine what his monthly to use his bonus as a down payment on a car Using the PMT function, determine the monthly payment for his new car loan $ $ $ Cost of car Down payment Loan amount Term (in months) Interest Rate (annual) Monthly Payment 30,000 1,500 28,500 60 4.75% ? d. Jim decides to wait to buy his car until he has a larger down payment. He wants to determine what his monthly payment would be if he earned a full year of quarterly bonuses. Assuming Jim received the same quarterly bonus for all four quarters based on the net operating income goals described above, determine the following (Hint: You can either use Goal Seek or the PMT function to calculate the new monthly payment) Total bonus amount earned in one year New loan amount New monthly payment 2 2 ? Paper Only Corp. has a compensation plan for its sales reps where if they meet a targeted operating income level for the quarter they receive a 10% bonus based on the net operating income goal! Jim just received his sales information from January and February. He needs to determine the total sales he must make in March in order to receive a bonus. Use Goal Seek to help Jim determine the total sales he needs to make in March to reach the targeted income level for the first quarter. Targeted operating income for the quart $ 15,000 March Quarter Totals Income Statement Units Sold Price per unit Variable expense per unit January February 1,500 1,250 5.00 $ 5.00 $ 0.75 $ 0.75 $ A A $ $ AG 5.00 0.75 $ $ 7,500 $ 6,250 $ 13,750 Sales Operating expenses: Variable expenses Fixed expenses Total expenses 1.125 1.750 2,875 $ 938 1,750 2,688 $ 2,063 5,250 7,313 1.750 1,750 $ $ Operating income $ 4,625 $ 3,563 $ (1,750) $ 6,438 a. Using Goal Seek in Excel, determine the total number of units that Jim needs to sell in March in order to meet his targeted operating income for the quarter. Total number of units to sell in March b. If the company increases its price per unit by $1.00 in March, what is the minimum number of units that Jim needs to sell in order to meet his targeted operating income for the quarter? Use Goal Seek to find your answer. Total number of units to sell in March after price increa ? C. Assume that Jim met his target net operating income of $15,000 and will now receive a $1,500 bonus. Jim plans to use his bonus as a down payment on a car. Using the PMT function, determine the monthly payment for his new car loan $ $ $ Cost of car Down payment Loan amount Term (in months) Interest Rate (annual) Monthly Payment 30,000 1,500 28,500 60 4.75% d. Jim decides to wait to buy his car until he has a larger down payment. He wants to determine what his monthly to use his bonus as a down payment on a car Using the PMT function, determine the monthly payment for his new car loan $ $ $ Cost of car Down payment Loan amount Term (in months) Interest Rate (annual) Monthly Payment 30,000 1,500 28,500 60 4.75% ? d. Jim decides to wait to buy his car until he has a larger down payment. He wants to determine what his monthly payment would be if he earned a full year of quarterly bonuses. Assuming Jim received the same quarterly bonus for all four quarters based on the net operating income goals described above, determine the following (Hint: You can either use Goal Seek or the PMT function to calculate the new monthly payment) Total bonus amount earned in one year New loan amount New monthly payment 2 2