Cullumber Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers, who charge customers 75 cents per bottle. For the year 2020, management estimates the following revenues and costs. Sales $1,750,000 Selling expenses-variable $113,000 Direct materials 460,000 Selling expenses-fixed 50,000 Direct labor 390,000 Administrative expenses-variable 27,000 Manufacturing overhead-variable 410,000 Administrative expenses-fixed 77,500 Manufacturing overhead-fixed 100,000 Prepare a CVP income statement for 2020 based on management's estimates. CULLUMBER COMPANY CVP Income Statement (Estimated) Sales Variable Expenses Cost of Goods Sold 1260000 Selling Expenses 113000 1750000