Belmain Co. expects to maintain the same inventories at the end of 20Y7 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 Estimated Variable Cost Production costs: Direct materials Direct labor Factory overhead Cost (per unit sold) $26 17 $232,200 13 Selling expenses: Sales salaries and 48,300 9 commissions Advertising 16,300 Travel 3,600 Miscellaneous selling 4,000 5 expense Administrative expenses: Office and officers' salaries 47,200 Supplies 5,800 2 Miscellaneous 5,480 3 administrative expense Total $362,880 $72 I It is expected that 9,240 units will be sold at a price of $144 a unit. Maximum sales within the relevant range are 12,000 units. Required: 1. Prepare an estimated income statement for 2017. Belmain Co. For the Year Ended December 31, 20Y7 Estimated Income Statement Amount Amount Amount Line Item Description Cost of goods sold: Total cost of goods sold Gross profit Expenses: Selling expenses: Total selling expenses Administrative expenses: QQ