Prepare a formal CVP Income Statement in proper format for Majestic Inc's December 31 year end based on the following financial information: Sales price $6.50 per unit Variable cost of goods sold $1.50 per unit Fixed cost of goods sold $26,000 Variable selling expense 10% of sales price Variable administrative expense $0.25 per unit Fixed selling expense $4,000 Fixed administrative expense $3,000 During the year, 15,000 products were produced and sold. W You can choose to itemize your expenses within the formal statement or you can instead show the total of each type of expense and provide your calculation of the amount as an explanatory note below your statement Prepare a formal CVP Income Statement in proper format for Majestic Inc's December 31 year end based on the following financial information: Sales price $6.50 per unit Variable cost of goods sold $1.50 per unit Fixed cost of goods sold $26,000 Variable selling expense 10% of sales price Variable administrative expense $0.25 per unit Fixed selling expense $4,000 Fixed administrative expense $3,000 During the year, 15,000 products were produced and sold. W You can choose to itemize your expenses within the formal statement or you can instead show the total of each type of expense and provide your calculation of the amount as an explanatory note below your statement