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Biff's Mini Auto You work in the finance department of Biff's Mini Auto. Biff Tannen has asked you to review some information for a new product for the company. He has asked you to determine some breakeven information, develop a forecast for future sales with the product, and discuss some working capital management issues related to the project. PART 1 - Biff's Mini Auto manufactures die cast miniature cars. Recently Biff's Mini Auto developed a new die cast 1955 Pickup. Information regarding the manufacturing process product is below. ( 30 points) - The planned retail is $12.00. - Raw Materials for one pickup are \$5.00. - Assembly time is expected to be 20 minutes per unit. - Production labor is paid at $12.00 per hour. - Operating expenses are as follows: Salaries - $1,400 per week - Insurance - $600 per quarter - Rent - \$1,000 per month Utilities - $700 per month Based on the above information do the following: 1. Create a break even table of the given data. 2. What is the contribution margin for each pickup sold? 3. Determine how many pickups must be sold per month to break even. Show your math. 4. Determine break even dollars. Show your math. 5. The company would like to make a $3,000 monthly profit on the sale of pickups. How many pickups need to be sold for that to happen? What are the dollar sales representing this? 6. How many employees need to be hired to accomplish this (assume 8 Hours X 5 Days)

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