Problem 1: The Peace Company has the following functional (traditional) income s

Problem 1: The Peace Company has the following functional (traditional) income statement for the priormonth.Sales($50 * 100000 units)$5000000Cost of goods soldDirect materials$1200000Direct labor$950000Variable factory overhead$600000Fixed factory overhead$850000$3600000 Gross profit$1400000Selling and administrative expenseVariable$250000Fixed$120000$370000Operating income$1030000There were no beginning and ending inventories.Required:Problem 2: Suzy Manufacturing has estimated monthly sales of 18000 units for $48 per unit. Variable costs include manufacturing costs of $27 and distribution costs of $9 per unit. Fixed costs are $60000 per month.Required Determine each of the following values.