Cornerstone Exercise 2.8 Income Statement Jean and Tom Perritz own and manage Happy Home Helpers, Inc. (HHH), a house-cleaning service. Each cleaning (cleaning one house one time) takes a team of three house cleaners about 1.5 hours. On average, HHH completes about 15,000 cleanings per year. The following total costs are associated with the total cleanings: Direct materials Direct labor Variable overhead Fixed overhead 472,500 15,000 18,000 continued) Next year, HHH expects to purchase $25,600 of direct materials. Projected beginning and end- ing inventories for direct materials are as follows: Beginning Ending Direct Materials Inventory 4,000 2,600 There is no work-in-process inventory and no finished goods inventory; in other words, a clean ing is started and completed on the same day. HHH expects to sell 15,000 cleanings at a price of S45 each next year. Total selling expense is projected at S22,000, and total administrative expense is projected at $53,000. Required: 1. Prepare an income statement in good form. 2. What ifJean and Tom increased the price to $50 per cleaning and no other information was affected? Explain which line items in the income statement would be affected and how