Problem $6-27$ Sales Mix; Break$-$Even Analysis; Margin of Safety $[$LO$6-7,$ LO$6-9]$Island Novelties, Inc., of Palau makes two products$-$Hawaiian Fantasy and Tahitian Joy. Each product's selling price; variable expense per unit, and annual sales volume are as follows:Hawaiian TahitianFantasyJoySelling price per unit$$12$$$100$Variable expense per unit$$6$$$25$Number of units sold annually$20,0005,100$tencesFixed expenses total $$448,900$ per year.Required:$1.$ Assuming the sales mix given above, do the following:a$.$ Prepare a contribution format income statement showing both dollar and percent columns for each product and for the company as a whole.b$.$ Compute the company's break$-$even point in dollar sales. Also, compute its margin of safety in dollars and its margin of safety percentage$\mathrm{.}2.$ The company has developed a new product called Samoan Delight that sells for $$50$ each and that has variable expenses of $$40$ per unit. If the company can sell $15,000$ units of Samoan Delight without incurring any additional fixed expenses:a$.$ Prepare a revised contribution format income statement that includes Samoan Delight. Assume that sales of the other two products does not change.b$.$ Compute the company's revised break$-$even point in dollar sales. Also, compute its revised margin of safety in dollars and margin of safety percentage.