A company produces gold picture frames. The cost per picture frame is: Each worker eams $30,000 annually in salary and benefits. The number of workers changes based on the level of production. This means this is a variable cost. The artist who creates the designs on the picture frames is paid $25,000 annually. Senior management are paid a total of $200,000 annually. Other annual costs are: The following nmeluintion ie noevihlat 1. Using all information provided, complete the following table. It would be easier if you set this up in an Excel spreadsheet. When you are done, please insert it into a Word document with your answers. You will use this table to answer Questions 2 and 3 . We are working in dollars and cents so your answers should be in dollars and cents as well ( 2 decimal places). ( 6 marks) 2. What is the lowest price you would be willing to start producing this new product? (1: mark) 3. If you were already committed to the fixed costs, how low could the price per picture frame fall before you would consider shutting down production? Remember you have to keep paying your fixed costs whether you produce any picture frames or not. If you can cover your variable costs, then anything over that will reduce your fixed costs. You may be losing money in the short run but you are losing less money. (1 mark)