P5-3A Prepare a CVP income statement, compute break-even point, contribution margin ratio, margin of safety ratio and sales for target net income Jorge 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 2020, management estimates the following revenues and costs. Sales Direct materials Direct labor Manufacturing overhead- variable $1,800,000 430,000 Selling expenses - variable $70,000 Selling expenses - fixed 65,000 360,000 380,000 280,000 Administrative expenses - variable Administrative expenses - fixed 20,000 60,000 Manufacturing overhead -fixed Instructions (a) Prepare a CVP income statement for 2020 based on management estimates. (show column for total amounts only.) Prepare a supplementary schedule showing Variable Cost of Goods Sold and enter the total in the CVP Income Statement (b) Compute the break-even point in (1) units and (2) dollars. (c) Compute the contribution margin ratio and the margin of safety ratio. (Round to the nearest full percent.) (d) Determine the sales dollars required to earn net income of $180,000. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?".