3. Elway Company and Manning Company operate in the same market. The following budgeted income statements illustrate the cost structures of each company for October 20Y9: Elway Manning $ $ Sales revenue $12,000 $12,000 Less variable costs m m Contribution margin 9,000 7,000 Less xed costs 3999 1999 Net income M M Number of customers 100 100 Sales price per $120 $120 customer Required: If Manning lowers its price to $70 per customer, assume that all of Elway's existing customers now purchase Manning's product. Redraft Manning's income statement for October based on a sales price of $70 per unit and 200 customers