(TCO 4) Legal Docs 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 | $1,295,000 |
| Variable Expenses | $1,023,000 |
| Contribution margin | $272,000 |
| Fixed costs | $250,000 |
| Profit | $22,000 |
Required:
(a) Compute the break-even 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?
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