Brief Exercise 5-7 Cullumber Inc. had sales of $2,300,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $941,000 $474,000 Selling expenses 104,000 77,000 Administrative expenses 108,000 102,000 Prepare a CVP income statement for the quarter ended March 31, 2020. CULLUMBER INC. CVP Income Statement For the Quarter Ended March 31, 2020 $ $