Question 6 8 pts Management is considering adding a new product that will require an additional $20,000 per month of fixed expenses and will have variable expenses of $5 per unit. Calculate the selling price that will be required for the new product if it is to have a contribution margin ratio equal to 20%. 4,17 25 6.25 5 Question 7 8 pts Below are excerpts from Bull Inc 2020 financial statements: $ $ A A $ 163 75 to to to Balance Sheet (in millions) Assets 2020 Cash $ 120 A/R $ 18 Inventory $ 25 Total Current Assets PPE Land 150 Total Assets Liabilities A/P Unearned Rev 12 Total Current Liabilities 26 Bonds Payable Notes Payable Total Liabilities Stockholder's Equity 388 $ ta ta ta 20 to sto tisto to ta ta 36 76 Stockholder's Equity Common Stock APIC Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 180 $ $ $ $ 40 $ 85 $ 171 $ 296 $ 388 $ 292 373 Book Value per share is $15 Income Statement 2020 2019 Sales 54 51 Operating Exp Operating Inc Interest Expense Net Income 7 $ Based on this information, calculate basic earnings per share for 2020. Round your answer to two decimals (e.g.enter $10.2576 as 10.26) Question 8 8 pts On a common sized income statement, cost of goods sold is represented as a percentage of sales. True False Question 9 8 pts On a common sized balance sheet, bonds payable are presented as a percentage of sales. True False Question 10 8 pts On a common sized balance sheet, accounts receivable is presented as a percentage of cash. True False