Project 1: CVP Income Statement (10 points) the deadline deadline specified by your instructor Your solutions in Excel, and upload your Excel file to Moodle by Do NOT email your The Instructions: Prepare your solutie The following information perto 9 formation pertains to Fun in the Sun, Inc., a jet ski manufacturer: $ Budgeted production costs for the coming year: Direct materials per ski Direct labor per ski Variable overhead per ski Total fixed overhead 575 280 70 44,750 Budgeted selling and administrative costs for the coming year: Fixed selling & admin expense 75 Sales commission per ski $ 102,000 In the coming year, Fun in the Sun plans to produce and sell 1,200 skis at a price of $1,250 each. Instructions for Project 1: 1. Prepare a CVP 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 Fun in the Sun wants to earn net income of $250,000, how many units must it sell