Sandhill Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 60 cents per 16-ounce bottle to retailers. who charge customers 75 cents per bottle. For the year 2020, management estimates the following revenues and costs. $1,800,000 Selling expenses-variable Sales $87,000 Direct materials 420,000 Selling expenses-fixed 61,000 Direct labor 400,000 Administrative expenses-variable 23,000 Manufacturing overhead-variable 420,000 Administrative expenses-fixed 99,000 Manufacturing overhead-fixed 110,000 Prepare a CVP income statement for 2020 based on management's estimates. SANDHILL COMPANY CVP Income Statement (Estimated) For the Year Ending December 31, 2020 Sales Variable Expenses Cost of Goods Sold Selling Expenses Administrative Expenses Total Variable Expenses Contribution Margin Fixed Expenses Total Variable Expenses Contribution Margin Fixed Expenses Cost of Goods Sold Selling Expenses 0 Administrative Expenses Total Fixed Expenses Net Income/(Loss)