Brief Exercise 11-7 Blue Spruce Inc. had sales of $2,300,000 for the first quarter of 2017. In making the sales, the company incurred the following costs and expenses. Cost of goods sold Selling expenses Administrative expenses Variable $966,000 109,000 93,000 Fixed $471,000 57,000 107,000 Prepare a CVP income statement for the quarter ended March 31, 2017. BLUE SPRUCE INC. CVP Income Statement