Russell Inc. had sales of $2,260,000 for the first quarter of 2017. In making the sales, the company incurred the following costs and expenses.

		Variable		Fixed
Cost of goods sold		$925,000		$461,000
Selling expenses		74,000		91,000
Administrative expenses		109,000		100,000

Prepare a CVP income statement for the quarter ended March 31, 2017.

RUSSELL INC. CVP Income Statement For the Quarter Ended March 31, 2017 v X x x x X x x X