The Fruit Loop Company bottles and distributes Fruity Ade, a fruit drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers, who charge customers 70 cents per bottle. For the year 2017, management estimates the following revenues and costs. $ 80,000 Sales Direct materials Direct labor $2,500,000 360,000 250,000 Selling expenses-variable Selling expenses-fixed Administrative expenses- variable 450,000 40,000 Manufacturing overhead- variable 270,000 Administrative expenses- Manufacturing overhead- fixed 150,000 fixed 380,000 I Instructions (Show all Calculations) (a) Prepare a CVP income statement for 2017 based on management's estimates. (b) Compute the break-even point in (1) units and (2) dollars. (c) Compute the contribution margin ratio and the margin of safety ratio. (d) Determine the sales dollars required to earn net income of 624,000