Problem 5-3A (Video) Sheridan 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. $2,000,000 Selling expenses-variable $212,000 Direct materials 480,000 Selling expenses-fixed 50,000 Direct labor 330,000 Administrative expenses-variable 28,000 Manufacturing overhead-variable 350,000 Administrative expenses-fixed 90,000 Manufacturing overhead-fixed 280,000 Prepare a CVP income statement for 2020 based on management's estimates. SHERIDAN COMPANY CVP Income Statement (Estimated) For the Year Ending December 31, 2020 V V Calculate variable cost per bottle. (Round variable cost per bottle to 3 decimal places, e.g. 0.251.) Variable cost per bottle s Compute the break-even point in (1) units and (2) dollars. (Round answers to decimal places, e.g. 1,225.) (1) Compute the break-even point units (2) Compute the break-even points 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 $150,000. (Round answer to 0 decimal places, e.g. 1, 225.) Required sales dollars s