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Belmain Co. expects to maintain the same inventories at the end of 2017 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: Estimated Fixed Cost Estimated Variable Cost (per unit sold) Production costs: Direct materials $15 Direct labor 10 $238,700 8 Factory overhead Selling expenses: Sales salaries and commissions 49,600 3 16,800 3,700 4,100 3 Advertising Travel Miscellaneous selling expense Administrative expenses: Office and officers' salaries Supplies Miscellaneous administrative expense 48,500 6,000 1 5,560 2 Total $372,960 $42 It is expected that 9,620 units will be sold at a price of $105 a unit. Maximum sales within the relevant range are 12,000 units. Required: Check My Work 1 more Check My Work uses remaining Previous 1231 PM ENG It is expected that 9,620 units will be sold at a price of $105 a unit. Maximum sales within the relevant range are 12,000 units. Required: 1. Prepare an estimated income statement for 2017 Belmain Co. Estimated Income Statement For the Year Ended December 31, 2017 Cost of goods sold: Total cost of goods sold Gross profit Expenses: Selling expenses: