Your answer is partially correct. Try again. Russell Inc. had sales of $2,380,000 for the first quarter of 2017. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold Selling expenses Administrative expenses $945,000 96,000 107,000 $459,000 84,000 114,000 Prepare a CVP income statement for the quarter ended March 31, 2017 RUSSELL INC. CVP Income Statement For the Quarter Ended March 31, 2017 Sales 2380000 Variable Costs 10584000 Contribution Margin Fixed Costs 657000 Net Income/(Loss) 1557000