Pharoah inc. had sales of $2,464,000 for the first quarter of 2022 . In making the sales, the company incurred the following costs ind expenses. Prepare a CVP income statement for the quarter ended March 31, 2022. Cullumber Company's budgeted sales and direct materials purchases are as follows. Cullumber's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Cullumber's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase