Contribution Margin, Break-Even Sales, Cost Volume-Pront Chart, Margin of Safety, and Operating Leverade Belmain Co. expects to maintain the same inventories at the end of 2017 as at the beginning of the year. The total of all production costs for the ye to the cost of goods sold. With this in mind, the various department heads were asked to submit estimates of the costs for their departments during these estimates is as follows: Estimated Estimated Variable Cost (per unit sold) Fixed Cost Production costs: Direct materials $17 Direct labor 12 Factory overhead $619,300 9 Selling expenses: Sales salaries and commissions 128,700 Advertising 43,500 Travel 9,700 Miscellaneous selling expense 10,600 3 Administrative expenses: Office and officers salaries 125,800 1 15.500 Supplies 2 14,580 Miscellaneous administrative expense 5967,680 Total It is expected that 9.240 units will be sold at a price of 524 a unit Maximum sales within the are 12.000 units w COVOR It is expected that 9,240 units will be sold at a price of $240 a unit. Maximum sales within the relevant range are 12,000 units. Required: 1. Prepare an estimated income statement for 2017 Belmain Co. Estimated Income Statement For the Year Ended December 31, 2017 Sales Cost of goods sold: Direct materials X Direct labor Factory overhead Total cost of goods sold Gross profit Expenses: Selling expenses Sales salaries and commissions Advertising Travel Miscellaneous selling expense Total selling expenses Check My Work OCASION ocator=&inprogress=false eBook Expenses: Selling expenses: Sales salaries and commissions Advertising Travel Miscellaneous selling expense Total selling expenses Administrative expenses: office and officers salaries Supplies Miscellaneous administrative expense Total administrative expenses