Belmain Co. expects to maintain the same inventories at the end of 2017 as at the beginning of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various department heads were asked to submit estimates of the costs for their departments during the year. A summary report of these estimates is as follows: Estimated Fixed Cost Estimated Variable Cost (per unit sold) Production costs: Direct materials $24 Direct labor 16 $86,200 12 Factory overhead Selling expenses: Sales salaries and commissions 17,900 Advertising 6,100 Allo Travel 1,300 Miscellaneous selling expense 1,500 Administrative expenses: 17,500 Office and officers' salaries Supplies 2 2,200 1,940 3 Miscellaneous administrative expense Previous Next 500 It is expected that 5,440 units will be sold at a price of $132 a unit. Maximum sales within the relevant range are 7,000 units. Required: 1. Prepare an estimated income statement for 2017. Belmain Co. Estimated Income Statement For the Year Ended December 31, 2047 Cost of goods sold: Total cost of goods sold Gross profit Expenses: Total cost of goods sold Id Gross profit Expenses: Selling expenses: Total selling expenses Administrative expenses: H0 W0 Total administrative expenses Total expenses . Operating income 2. What is the expected contribution margin ratio? Round to the nearest whole percent. %