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eBook Print Item 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 $50.00 30.00 $350,000 6.00 340,000 4.00 116,000 Direct labor Factory overhead Selling expenses: Sales salaries and commissions Advertising Travel Miscellaneous selling expense Administrative expenses: office and officers' salaries Supplies Miscellaneous administrative expense 4,000 2.300 1.00 325,000 6,000 4.00 8,700 1.00 Total 51,152,000 $96,00 eBook Print.ltem 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. Required: 1. Prepare an estimated income statement for 2017. Belmain Co. Estimated Income Statement For the Year Ended December 31, 2017 Sales 2.880,000 600.000 360,000 Cost of goods sold: Direct materials Direct labor Factory overhead Cost of goods sold Gross profit Expenses Selling expenses: Sales salaries and commissions Advertising 116.000 Travel 1.000 Miscellaneous selling expense Total selling expenses Administrative expenses: office and officers' salaries Supplies Miscellaneous administrative expense Total administrative expenses Total expenses Income from operations 8 576.000 My World 1. Use the absorption costing format. 2. What is the expected contribution margin ratio? 60 3. Determine the break even sales in units and dollars Units 8,000 units Dollars $1,920,000