Project 1: CVP Income Statement (10 points) Instructions: Prepare your solutions in Excel, and upload your Excel file to Moodle by the deadline specified by your instructor. Do NOT email your file! The following information pertains to Hub City, a lawn mower manufacturer: Budgeted production costs for the coming year: Direct materials per mower Direct labor per mower Variable overhead per mower Total fixed overhead $ 275 130 70 44,750 Budgeted selling and administrative costs for the coming year: $ 62,000 Fixed selling & admin expense Sales commission per mower 75 In the coming year, Hub City plans to produce and sell 1,500 mowers at a price of $725 each. Instructions for Project 1: 1. Prepare a CPV income statement. 2. Calculate the breakeven point in units and sales dollars. 3. Calculate the margin of safety. 4. Calculate the margin of safety ratio. 5. If Hub City wants to earn net income of $200,000, how many units must it sell