Question 12 (5 points) Cost volume profit analysis Hill View produces a single product. The projected income statement for the coming year is as follows: Sales (40.000 units @ $35) $1,400,000 Total variable cost $(800,000) Contribution margin $600,000 Total fixed cost $(250,000) Operating income $350,000 Required: b. Compute the new operating income if sales are 20 per cent higher than expected. (Note: round to the nearest dollar). Format B I U C