For FY 2016 Bravo Company's CVP format Income Statement is as follows: Bravo Company Income Statement (CVP format) For the Year Ended 12/31/16 Sales (100 units) $10,000 Variable Costs: Direct Labor $1,500 Direct Materials 1,400 Factory Overhead (variable) Selling Expenses (variable) Administrative Expenses (variable) 1,000 600 500 Total Varable Expenses Contribution Margin Fixed Costs: 5.000 $5,000 $500 Factory Overhead (fixed) Selling Expenses (fixed) Administrative Expenses (fixed) 1,000 1000 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 Process 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 FY 2017 will increase by 25%. Use this information to determine: 1. FY 2017 Cost of Goods Sold 2. FY 2017 Net Income