Brief Exercise 5-7 Russell Inc. had sales of $2,250,000 for the first quarter of 2017. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold Selling expenses Administrative expenses $947,000 71,000 133,000 $451,000 66,000 143,000 Prepare a CVP income statement for the quarter ended March 31, 2017. RUSSELL INC. CVP Income Statement For the Quarter Ended March 31, 2017 Sales 2250000 Variable Costs Cost of Goods Sold Selling Expenses Net Income/(Loss)