+ HW-Chapter 5 Question 5 of 6 2.8 / 4 Current Attempt in Progress Pharoah 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 Direct materials Direct labor Manufacturing overhead-variable Manufacturing overhead-fixed $1,850,000 490,000 330.000 350,000 220,000 Selling expenses-variable Selling expenses-fixed Administrative expenses-variable Administrative expenses-fixed $102.000 57.000 23,000 111,500 (a) Your answer is correct. Prepare a CVP income statement for 2020 based on management's estimates. PHAROAH COMPANY CVP Income Statement (Estimated) For the Year Ending December 31, 2020 Sales $ 1850000 Variable Expenses + HW-Chapter 5 Question 5 of 6 2.8/4 Prepare a CVP income statement for 2020 based on management's estimates. PHAROAH COMPANY CVP Income Statement (Estimated) For the Year Ending December 31, 2020 Sales 1850000 Variable Expenses Cost of Goods Sold 1170000 Selling Expenses 102000 i Administrative Expenses 23000 i Total Variable Expenses 1295000 Contribution Margin 555000 Fixed Expenses Cost of Goods Sold 220000 Selling Expenses 57000 i Administrative Expenses 111500 i Total Fixed Expenses 388500 Net Income/(Loss) $ 166500 HW-Chapter 5 Question 5 of 6