Question 37 of 41 - / 10 View Policies Current Attempt in Progress The condensed budgeted income statement for the Phan and Nguyen partnership for 2020 is as follows: PHAN AND NGUYEN LLP Income Statement Year Ending December 31, 2020 Sales (240,000 units). $1.200,000 Cost of goods sold 800,000 Gross profit 400,000 Operating expenses Selling $280,000 Administrative 150,000 430,000 Net loss $(30,000) Acost behaviour analysis indicates that 75% of the cost of goods sold is variable, 42% of the selling expenses are variable, and 40% of the administrative expenses are variable. Use the CVP Income statement format in calculating profits) (a) W MacBook Pro 1 og 3 4 % 5 & 7 6 8 9 W E R T Y U 0 P S D F G H J C B N. M Question 37 of 41