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 The, a jet ski manufacturer: Budgeted production costs for the coming year: wirect muierials per shi 575 Direct labor paski Variable verhead per ski Trial 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. 280 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 sell