Please complete the excel portionn

1. Belmain Co. Estimated Income Statement For the Year Ended December 31, 20Y7 Salas Cost of goods sold: Direct materiala Divect labor Factory overhead Cont of goods sold Gross proft Expenses: Selling expenses Sales salaries and commissions Advertising Travel Miscelaneous selling expense Total seling expensed Adminlstratve expenses: Oifice and officers' alaries Supples Miscelaneous administrative expense Total adminintratve expenses Tolal expenses Operating hoome 2. Contrbuton margin retio: Sales Variable costs Contibution margin Sales Contrbution margin ratio Fixet cots Cost-Volume-Profit Chart Margin of safety: Expected sales Break-even point Margin of safety (in dolars) Expected sales Margin of safety (as a percentage of sales) Operating leverage: Contribution margin Operating income Operating leverage Obj. 2, 3, 4, 5 Belmain Co expects to maintain the same inventories at the end of 20Y7 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: Details It is expected that 12,000 units will be sold at a price of $240 a unit. Maximum sales within the relevant range are 18,000 units. 1. Prepare an estimated income statement for 20Y7. 2. What is the expected contribution margin ratio? 3. Determine the break-even sales in units and dollars. Answer: Check Figure: 8,000 units 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? Round to one decimal place. 6. Determine the operating leverage