Brief Exercise 22-07 Pharoah Inc. had sales of $2,220,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $934,000 $448,000 Selling expenses 121,000 81,000 Administrative expenses 117,000 141,000 Prepare a CVP income statement for the quarter ended March 31, 2020. PHAROAH INC. CVP Income Statement For the Quarter Ended March 31, 2020 Sales 1,172,000 $ Variable Costs Contribution Margin Fixed Costs Net Income/(Loss)