2. (9 points) V Inc. manufactures a product with a selling price of $60 per unit. Direct Materials costs $12 per unit. Direct Labor costs $11 per unit. Variable Manufacturing Overhead costs $6 per unit. Fixed Manufacturing Overhead costs $34,000 per month. Variable Selling and Administrative Costs $5 per unit. Fixed Selling and Administrative costs $17,000.

a) Complete the months Contribution Margin Income Statement Budget for V Inc., assuming that they plan to sell 10,000 units of product.

	Total
Sales
Variable Cost
Contribution Margin
Fixed Costs
Operating Income

b) Complete the months Financial Statement Income Statement Budget for V Inc., assuming that they plan to sell 11,000 units of product.

	Total
Sales
Cost of Goods sold
Gross Margin
Selling and Administrative Costs
Operating income