Swaney Problem $-$ Review for test The following data are available from the accounting records of Swaney Company for the month ended May $31,2019.\backslash (\backslash$mathbf$\{25,000\}\backslash )$ units were manufactured and sold during the accounting period. The selling price was $\backslash (\backslash$mathbf$\{\backslash$$ $80\}\backslash )$ per unit. There were no beginning inventories and all units were completed $($no work in process$).$Fixed Total Manufacturing Costs Selling and administrative expenses: Variable $(\backslash (\backslash$mathbf$\{\backslash$$ $3\}\backslash )$ per unit sold$)\backslash (\backslash$mathbf$\{\backslash$$ $75,000\}\backslash )$ Fixed $232,000$ REQUIRED: Use the form supplied. $($a$)$ Prepare a Contribution Margin $($also called Variable Costing$)$ income statement for May $2019.$ Show totals and per unit. Calculate CM Ratio. $($b$)$ Prepare a Gross Profit Margin $-$ GAAP $($also called Traditional Costing$)$ income statement for May $2019.$ Show totals and per unit. $($c$)$ Calculate breakeven point for Swaney Company. Show work in CM format. $($d$)$ Management would like to earn a target profit of $\backslash (\backslash$$ $650,000\backslash ).$ Show work in CM format. How many units would they need to sell to reach the target profit? $($e$)$ Management is in the middle of labor contract negotiations. If the direct labor union settles next month with a $\backslash (\backslash$mathbf$\{12\backslash \%\}\backslash )$ salary increase, re$-$calculate the breakeven point.