I have attached an excel, I need help on the last two parts of the income statement. Thank you.

Problem 20(5)-5A Name: Jacqueline Ortiz Section: 1489 Score: 73% Key Code: [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. 1. VALDESPIN COMPANY Variable Costing Income Statement For the Year Ended June 30, 2016 Size S Sales Variable cost of goods sold Manufacturing margin Variable operating expenses Contribution margin Fixed costs: Manufacturing costs Operating expenses Total fixed costs Income from operations 2. If Proposal 2 is accepted: $ $ $ 668,000 300,000 368,000 132,480 235,520 M $ $ $ 737,300 357,120 380,180 155,500 224,680 L $ $ $ 956,160 437,760 518,400 195,840 322,560 $ $ $ $ $ $ Total 2,361,460 1,094,880 1,266,580 483,820 782,760 385,930 311,040 696,970 85,790 Contribution margin for Size M Less: Reduction in fixed production costs Reduction in fixed operating expenses Reduction in annual income from operations $ $ 224,680 $ 78,320 146,360 46,080 32,240