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A manufacturing company produces and sells widgets. The company uses the marginal costing method for its internal reporting purposes. For the fiscal year ending December 31, 20X3, you are provided with the following information:

Total production: 50,000 units Total sales: 40,000 units Selling price per unit: $20 Variable manufacturing cost per unit: $8 Fixed manufacturing overhead: $200,000 Variable selling and administrative expenses per unit: $2 Fixed selling and administrative expenses: $80,000 Opening inventory: 10,000 units Closing inventory: 20,000 units

Assuming the company uses a periodic inventory system, calculate the following:

Total Revenue: Calculate the total revenue for the fiscal year based on the given sales information.

Total Variable Costs: Determine the total variable costs, including both variable manufacturing costs and variable selling/administrative expenses.

Total Contribution Margin: Find the total contribution margin for the fiscal year.

Total Fixed Costs: Calculate the total fixed costs, combining both fixed manufacturing overhead and fixed selling/administrative expenses.

Net Income/Loss: Determine the net income or loss for the fiscal year.

Break-even Point: Calculate the break-even point in units and dollars based on the information provided.

Margin of Safety: Determine the margin of safety in both units and percentage.

Ensure to clearly show all calculations and provide concise explanations where necessary.

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