Pharoah Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 60 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 $1,800,000 Selling expenses-variable 410,000 Selling expenses-fixed 400,000 Administrative expenses-variable 420,000 Administrative expenses-fixed 150,000 $93.000 65,000 27,000 55,000 Prepare a CVP income statement for 2020 based on management's estimates. PHAROAH COMPANY CVP Income Statement (Estimated)