Print Item Contribution margin, break-even sales, cost-volume-profit chart, margin of safety, and operating leverage 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 Estimated Variable Cost Fixed Cost (per unit sold) Production costs: Direct materials $28 Direct labor 19 Factory overhead $491,200 14 Selling expenses: Sales salaries and commissions 102,100 6 Advertising 34,500 Travel 7,700 Miscellaneous selling expense 8,400 Administrative expenses: Office and officers' salaries 99,800 Supplies 12,300 WN Miscellaneous administrative expense 11,520 Total $767,520 $78 It is expected that 6,560 units will be sold at a price of $390 a unit. Maximum sales within the relevant range are 8,000 units. Required: 1. Prepare an estimated income statement for 20Y7. Belmain Co. Estimated Income Statement For the Year Ended December 31, 20Y7 Line Item Description Amount Amount Amount Check My Work 1 more Check My Work uses remaining Previous Email Instructor Submit Test for Grading