Problem 7) (12 marks) Betts Co sells watchbands. One specific type of watchband is manufactured and sold exclusively for dive watches greater than 42mm and having a 22mm width. Note, the above information (ie, the measurements) is stated only for the purpose of describing the product and should NOT be used in answering the required questions. The information as stated below however, is important to consider when answering the required questions, The selling price for each dive-watchband is $120. The variable cost of goods sold per dive-watchband is $26, with a selling commission of 10%. Fixed manufacturing costs total, $200,900, while fixed selling and administrative costs, total $160,000. Required: 1) What is the breakeven point in dive-watchbands? 2) How many dive-watchbands need to be sold, to achieve a target operating income of $340,300? 3) What is the contribution margin percentage