please complete the excel portion

1. Wolsey Industries Inc. Estimated Income Statement For the Year Ended December 31, 20Y3 Sales Cost of poods sold: Drect materials Direct labor Factory overhead Cost of goods sold Gross profit Expenses: Selling expenses: Sales salaries and commissions Advertising Travel Miscellaneous seling expense Total selling expenses Administrative expenses: Office and officer'' solaries Supplios Mecolaneous administative expense Total adininistrative oxpenses Total expenses Openting income 2. Contribution margin ratio: Sabe Vaable costs Contrbution margin Sales Contrbution margin nato 4. For waeh unit level of sales, wnter the botal sales deltars and totat costa. The chart at rloht aill be ploend as you enter the aroourh. Margin of safely: Expected sales Break-even point Margin of safety (in dollars) Expected sales Margin of satety (as a percentage of sales) 6. Operating loverage: Contrbution margin Operating income Operating leverage PR 20-6A Contribution Margin, Break-Even Sales, Cost-VolumeProfit Chart, Margin of Safety, and Operating Leverage Obj. 2,3,4,5 Inc. expects to maintain the same inventories at the end of 20Y3 as at the beginning of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various department heads were asked to submit estimates of the costs for their departments during the year. A summary report of these estimates is as follows: It is expected that 21,875 units will be sold at a price of $160 a unit. Maximum sales within the relevant range are 27,000 units. INSTRUCTIONS 1. Prepare an estimated income statement for 20Y3. 2. What is the expected contribution margin ratio? Answer: Check Figure: 25% 3. Determine the break-even sales in units and dollars. 4. Construct a cost-volume-profit chart indicating the break-even sales. 5. What is the expected margin of safety in dollars and as a percentage of sales? 6. Determine the operating leverage