Prepare a CVP income statement for December 31, 2020.

Problem -SoHo Co. produces and sells a jeweled handbag to retail stores in the New York area. In 2019, the company sold 51,000 units of the handbag. Sales and costs for that level of sales is as follows: Sales $2,040,000 Variable costs 1,632,000 Contribution margin 408,000 Fixed costs 127,500 Net income 280,500 Required: Prepare a CVP income statement for December 31, 2020 for the SoHo. Assume that the company expects total sales to be 70,000 units for 2020 with no change in unit sales price or unit variable cost. (Round your figures to whole dollars)