For FY 2016 Bravo Companys CVP format Income Statement is as follows:

Sales (100 units)		$10,000
Variable Costs:
Direct Labor	$1,500
Direct Materials	1,400
Factory Overhead	1,000
Selling Expenses (variable)	600
Administrative Expenses (variable)	500
Total Variable Expenses		5,000
Contribution Margin		$5,000
Fixed Costs
Foctory Overhead (fixed)	$500
Selling Expenses (fixed)	1,000
Administrative Expenses (fixed)	1,000
Total Fixed Expenses		2,500
Net Income (aka Operating Income)		2,500

Bravo utilizes a JIT production system and there are no Raw Materials, Work in Progress of finished Goods inventories. Bravo Company expects that all costs will remain the same for FY 2017 with the exception of fixed factory overhead which is budgeted to increase by $1,700. Additionally, Bravo expects that total unit sales for FY2017 will increase by 25%. Use this information to determine:

1. FY 2017 Cost of Goods Sold

2. FY 2017 Net Income