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Problem \#3: Absorption Reporting vs. Contribution Reporting (56 points) The following data was extracted from the accounting records of Lopez Fashion Idol Corp.: 755,400 per mont 1. Complete table above by computing the total cost for February 2024 for each cost. ( 6 points) 3. Prepare an absorption format income statement for February 2024 for Lopez Fashion Idol Corp. at the current volume. (8 points) Lopez Fashion Idol Corp. Income Statement: Absorption Format For the Month Ended February 28, 2024 4. Prepare a contribution format income statement for February 2024 for Lopez Fashion Idol Corp. at the current volume. (8 points) Lopez Fashion Idol Corp. Income Statement: Contribution Format For the Month Ended February 28, 2024 Compute the following cost-volume-profit components for Lopez Fashion Idol Corp. using its results for February 2024. (8 points) Compute Lopez Fashion Idol Corp.'s monthly breakeven point in units sold and in sales dollars. (8 points) 7. By how much will Lopez Fashion Idol Corp.'s operating profit increase if it produces and sells one additional unit? (2 points) Your Answers Increase in Operating Profit from the production and sale of one additional unit 8. By how much will Lopez Fashion Idol Corp.'s operating profit increase if it produces and sells 3,400 additional units? ( 2 points) Your Answers Increase in Operating Profit from the production and sale of 3,400 additional units Supporting Calculations Required: 9. By how much will Lopez Fashion Idol Corp.'s operating profit increase if it produces units that its sells for a total of $145,000 ? ( 2 points) Increase in Operating Profit from the production and sale of 3,400 additional units Supporting Calculations Required: 10. Compute Lopez Fashion Idol Corp.'s operating profit for March 2024 assuming it sells 84,000 units. (4 points)

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