Blossom Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers, who charge customers 75 cents per bottle. For the year 2020, management estimates the following revenues and costs. Sales Direct materials Direct labor Manufacturing overhead-variable Manufacturing overhead-fixed $1,850,000 460,000 340,000 360,000 260,000 Selling expenses-variable Selling expenses-fixed Administrative expenses-variable Administrative expenses-fixed $111,000 54,000 24,000 102,250 Prepare a CVP income statement for 2020 based on management's estimates. BLOSSOM COMPANY CVP Income Statement (Estimated) For the Year Ending December 31, 2020 Sales $ 1850000 Variable Expenses Cost of Goods Sold $ Selling Expenses Administrative Expenses Total Variable Expenses Contribution Margin Fixed Expenses Cost of Goods Sold Selling Expenses > Administrative Expenses Total Fixed Expenses Net Income/(Loss) $