TIMER CALCULATOR Brief Exercise 5-7 Pharoah Inc. had sales of $2,320,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. PRINTE 55 - inuing Cost of goods sold Selling expenses Administrative expenses Variable $966,000 86,000 117,000 Fixed $488,000 47,000 144,000 59 7-1 Prepare a CVP income statement for the quarter ended March 31, 2020. PHAROAH INC. CVP Income Statement For the Quarter Ended March 31, 2020 Sales 2,320,000 Variable Costs 1,196,000 Contribution Margin 1,151,000 Fixed Costs 679,000 Gross Profit 4.72,00