Russell Inc. had sales of $2,390,000 for the first quarter of 2017. In making the sales, the company incurred the following costs and expenses. Variable Fixed $925,000 $488,000 116,000 95,000 Administrative expenses 103,000 129,000 Cost of goods sold Selling expenses Prepare a CVP income statement for the quarter ended March 31, 2017 RUSSELL INC. CVP Income Statement For the Quarter Ended March 31, 2017 Cost of Goods Sold$ 1413000 Selling Expenses 211000 Administrative Expenses 232000 Contribution Margin 0 Net Income/(Loss) 534000