Taveras Industries developed the following information for the product it sells:
Sales price................................................................ $50 per unit
Variable cost of goods sold............................................ .$28 per unit
Fixed cost of goods sold................................................... $650,000
Variable selling expense........................................ 10% of sales price
Variable administrative expense.................................... $2.00 per unit
Fixed selling expense...................................................... $400,000
Fixed administrative expense............................................. $300,000
For the year ended December 31, 2016, Taveras produced and sold 100,000 units of product.
Prepare a CVP income statement using the contribution margin format for Taveras Industries for 2016.