Problem 12-24 (Algo) Prepare a contribution margin format income statement; calculate breakeven point LO 7, 8, 9, 11 Presented here is the income statement for Fairchild Co. for March: Sales Cost of goods sold Gross profit Operating expenses Operating income $85,000 40,000 $45,000 31, 000 $14,000 Based on an analysis of cost behavior patterns, it has been determined that the company's contribution margin ratio is 31%. Required: a. Rearrange the preceding income statement to the contribution margin format. b. Calculate operating income if sales volume increases by 7%. c. Calculate the amount of revenue required for Fairchild to break even. Required: a. Rearrange the preceding income statement to the contribution margin format. b. Calculate operating income if sales volume increases by 7%. c. Calculate the amount of revenue required for Fairchild to break even. Complete this question by entering your answers in the tabs below. Required A Required B Required c Rearrange the preceding income statement to the contribution margin format. $ 0 $ 0 Required: a. Rearrange the preceding income statement to the contribution margin format. b. Calculate operating income if sales volume increases by 7%. c. Calculate the amount of revenue required for Fairchild to break even. Complete this question by entering your answers in the tabs below. Required A Required B Required c Calculate operating income if sales volume increases by 7%. (Do not round intermediate calculations.) Required: a. Rearrange the preceding income statement to the contribution margin format. b. Calculate operating income if sales volume increases by 7%. c. Calculate the amount of revenue required for Fairchild to break even. Complete this question by entering your answers in the tabs below. Required A Required B Required c Calculate the amount of revenue required for Fairchild to break even. Break even