Brief Exercise 5-7 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. Fixed Cost of goods sold Selling expenses Administrative expenses Variable $934,000 121,000 117,000 $448,000 81,000 141,000 Prepare a CVP income statement for the quarter ended March 31, 2020. PHAROAH INC. CVP Income Statement For the Quarter Ended March 31, 2020 $ Click if you would like to Show Work for this question: Open Show Work