Ivanhoe Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers. For the year 2022, management estimates the following revenues and costs. ET 340,000 Manufacturing overhead-variable Manufacturing overhead-fixed Sales Direct materials Direct labor $1,950,000 Selling expenses-variable 470,000 Selling expenses-fixed Administrative expenses-variable 360,000 Administrative expenses-fixed 230,000 $171,000 59,000 24,000 120,500 Question 7 of 13 Prepare a CVP income statement for 2022 based on management's estimates. (Round per unit answers to 3 decimal places, e.g. 0.251) IVANHOE COMPANY CVP Income Statement (Estimated) For the Year Ending December 31, 2022 Sales Variable Expenses Cost of Goods Sold Selling Expenses Administrative Expenses Contribution Margin Fixed Expenses Total Variable Expenses V Cost of Goods Sold Selling Expenses Administrative Expenses Total Fixed Expenses v Net Income/(Loss) V V V V 1170000 171000 i 24000 230000 59000 i 120500 $ $ Total 1950000 1365000 i 585000 409500 i 175500 $ $ Per Unit 0.50 30 20 Percent of Sales 100 % 60 40 %