Ivanhoe 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 $1,650,000 Selling expenses-variable $76.500 Direct materials 460,000 Selling expenses-fixed 51,000 Direct labor 330,000 Administrative expenses-variable 21,000 Manufacturing overhead-variable 350,000 Administrative expenses-fixed 99,000 Manufacturing overhead-fixed 180,000 (a) Your answer is correct Prepare a CVP income statement for 2020 based on management's estimates. IVANHOE COMPANY CVP Income Statement (Estimated) For the Year Ending December 31, 2020 Sales $ 1,650,000 Variable Expenses $ 1140,000 76.500 i Cost of Goods Sold Selling Expenses Administrative Expenses Total Variable Expenses 21,000 i 1.237.500 Contribution Margin 412,500 Fixed Expenses Cost of Goods Sold 180,000 Selling Expenses 51,000 i Administrative Expenses 99,000 i Total Fixed Expenses 330.000 Net Income/(Loss) 82,500 (11) Your answer is correct. Calculate variable cost per bottle. (Round variable cost per bottle to 3 decimal places, eg. 0.251) Variable cost per bottle $ 0.375 e Textbook and Media Assistance Used Attempts: 2 of 5 used (62) Compute the break-even point in (1) units and (2) dollars. (Round answers to decimal places, eg, 1.225.) units Compute the break-even point Compute the break-even point (2) $ $ Compute the contribution margin ratio and the margin of safety ratio. (Round variable cost per bottle to 3 decimal places, es, 0,25 and final answers to decimal places, es 25%) Contribution margin ratio Margin of safety ratio Determine the sales dollars required to earn net income of $240,000 (Round answer to decimal places 1.225) Required sales dollars $