CL Smith and Company, a manufacturer of quality handmade walnut bowls, has had a steady growth in sales for the past 5 years. However, increased competition has led Mr Smith the president, to believe that an aggressive marketing campaign will be necessary next year to maintain the company's present growth. To prepare for next year's marketing campaign, the company's controller has prepared and presented Mr Smith with the following data for the current year, 2017 E (Click the icon to view the data) Read the requirements Requirement 1. What is the projected net income for 2017? Using the equation method, select the basic formula used to compute the target net income for 2017 Revenues Variable costs Fixed costs 11 Target net income 1 - Tax rate The target net income for 2017 is $ R Enter any number in the edit fields and then click Check Answer 7 parts remaining Clear All Final Check Hei! - X Data Table Variable cost (per bowl) Direct matenals $ 3.25 Direct manufacturing labor 700 1.35 Variable overhead (manufacturing, marketing, distribution and customer service) $ 11.60 Total variable cost per bowl ET Fixed costs Manufacturing $ 20,000 206 200 Marketing distribution, and customer service $ 226 200 Total fixed costs Selling price $ 29.00 Expected sales 19,000 units $ 551,000 Income tax rate 40% EI Print Done