Problem 5-3A (Video) Crane Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers, who charge customers 75 cents per bottle. For the year 2020, management estimates the following revenues and costs. Sales Direct materials Direct labor Manufacturing overhead-variable Manufacturing overhead-fixed $1,750,000 Selling expenses-variable 450,000 Selling expenses-fixed 360,000 Administrative expenses-variable 380,000 Administrative expenses-fixed 130,000 $96,500 63,000 26,000 69,500 > Prepare a CVP income statement for 2020 based on management's estimate Prepare a CVP income statement for 2020 based on management's estimates. CRANE COMPANY CVP Income Statement (Estimated) For the Year Ending December 31, 2020 $ Calculate variable cost per bottle. (Round variable cost per bottle to 3 decimal places, e.g. 0.251.) Variable cost per bottle Compute the break-even point in (1) units and (2) dollars. (Round answers to o decimal places, e.g. 1,225.) (1) Compute the break-even point units 5 (2) Compute the break-even point $ Compute the contribution margin ratio and the margin of safety ratio. (Round variable cost per bottle to a decimal places, e.g. 0.25 and final answers to o decimal places, e.g. 25%.) Compute the contribution margin ratio and the margin of safety ratio. (Round variable cost per bottle to 3 decimal places, e.g. 0.25 and final answers to o decimal places, e.g. 25%.) Contribution margin ratio % Margin of safety ratio % Determine the sales dollars required to earn net income of $220,000. (Round answer to o decimal places, e.g. 1,225.) Required sales dollars $ Click if you would like to show Work for this question: Open Show Work