Contribution Margin, Break-Even Sales, Cost-Volume-Profit Chart, Margin of Safety, and Operating Leverage 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 year is therefore assumed to be equal 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 the year. A summary report of these estimates is as follows: Estimated Estimated Variable Cost Fixed Cost (per unit sold) Production costs Direct materials Direct labor $1.199,900 Factory overhead Selling expenses Sales salaries and commissions Advertising 249.400 84,400 18.700 20,600 Travel Miscellaneous selling expense Administrative expenses Office and officers' salaries Supplies Miscellaneous administrative expense Total 243.700 30,000 28,180 $1.874,880 unit. Maximum sales within the relevant range are 11.000 units It is expected that 1.680 units will be sold at a price of $420 Required: 1. Prepare an estimated income statement for 2017. Belmain Co. Estimated Income Statement For the Year Ended December 31, 2017 Cost of goods sold: Cost of goods sold Gross profit Expenses: Selling expenses TO seling exper