Pre e a CVP income statement com ute break-even oint contribution mar in r and safes for target net income Count On Me, Inc. manufactures and distributes calculators. The calculator is sold For the year 2020, management estimates the following revenues Sales $2,000,000 Direct materials 425,000 Direct labor 350,000 Manufacturing overhead- variable 375,000 Manufacturing overhead -fixed 275,000 instructions Selling expen Selling expen Administrative Administrative (a) Prepare a CVP income statement for 2020 based on management estimates. (b) Compute the breakeven point in (1) units and (2) dollars. (c) Compute the contribution margin ratio and the margin of safety ratio. (Round t (d) Determine the sales dollars required to earn net income of $500,000. NOTE: Enter a number in cells requesting a value; enter either a number or a (a) Prepare a CVP income statement for 2020 based on management estimates. Count On Me, Inc. CVP Income Statement (Estimated) For the Year Ending December 31, 2020 Sales Variable expenses Cost of goods sold $1,150,000 Selling expenses 75,000 Administrative expenses Total variable expenses Contribution margin Fixed expenses Cost of goods sold Selling expenses Administrative expenses Total fixed expenses Net income $2,000,000 1,250,000 750,000 425,000 $325,000