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QUESTION
Legal Beagals Inc. is a legal services firm that files incorporation papers for small businesses. They charge $1,000 per application. This year's...
Legal Beagals Inc. is a legal services firm that files incorporation papers for small businesses. They charge $1,000 per application. This year's income statement shows the following:Sales $1,440,000 Variable Expenses $1,008,000 Contribution margin $432,000 Fixed costs $250,000 Profit $182,000.Required:(a) Compute the breakeven point in units. (b) Compute the contribution margin ratio. (c) Compute the current margin of safety. (d) How many applications must the company sell to make a profit of $350,000?
