Prepare a complete projected income statement in the contribution format for each scenario, in the manner of a flexible budget. Please show work Carolina Manufacturing Company has been operating at a loss for several years. A management team has assembled to determine what course of action to take next year to reach profitability. They begin by reviewing the most recent income statement (below). Carolina Manufacturing Company Income Statement For the Year Ended December 31 Sales (45,000 units at $15) $675,000 Less cost of goods sold: Direct materials 135,000 Direct labor 117,450 Manufacturing overhea 147,750 400,200 Gross margin 274,800 Less operating expenses Selling expenses Variable Sales commissions 40,500 Shipping 8,100 Fixed (advertising, salaries) 180,000 228,600 Administrative expenses Variable (billing and other) 2,700 Fixed (salaries and other) 72,000 74,700 Net loss ($28,500) All variable expenses vary with the number of units sold, except for sales commissions, which are based on a percentage of sales dollars. Variable manufacturing overhead is forty-five cents per unit. The plant has a capacity of 75,000 units per year. In order to facilitate the work of the management team, you are asked to prepare various spreadsheets and specific computations in Excel. A) Reformat the income statement in the contribution format. Include both a Total column and Per Unit column in the statement