Question: please answer question 1-5. for question one please create a DETAILED CVP Income Statement including: cost of goods sold, selling expenses, and administrative expenses for

please answer question 1-5. for question one please create a DETAILED CVP Income Statement including: cost of goods sold, selling expenses, and administrative expenses for both fixed and variable costs. please show work and formulas.

Project 1: CVP Income Statement (10 points) Instructions: Prepare your solutions in Excel, and upload your Excel file to Moodle by the deadline specified by your instructor. Do NOT email your filel The following information pertains to Fun in the Sun, Inc., a jet ski manufacturer: Budgeted production costs for the coming year: Direct materials per ski 575 Direct labor per ski 280 Variable overhead per ski Total fixed overhead 44,850 Budgeted selling and administrative costs for the coming year: Fixed selling & admin expense $ 102,000 Sales commission per ski 75 In the coming year, Fun in the Sun plans to produce and sell 710 skis at a price of $1,330 each. 70 Instructions for Project 1: 1. Prepare a CVP income statement. 2. Calculate the breakeven point in units and sales dollars. 3. Calculate the margin of safety. 4. Calculate the margin of safety ratio. 5. If Fun in the Sun wants to earn net income of $165,000, how many units must it sella

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