UCW Company bottles and distributes UCW Shots, a flavoured wine beverage. The beverage is sold for $1.50 per 8-ounce bottle to retailers. Management estimates the following revenues and costs at 100% of capacity. Net sales $3,000,000 Selling expensesvariable $35,000 Direct materials 700,000 Selling expensesfixed 14,000 Direct labour 1,000,000 Administrative expensesvariable 15,000 Manufacturing overheadvariable 400,000 Administrative expensesfixed 30,000 Manufacturing overheadfixed 170,000 Instructions a) How much is net income for the year using the CVP approach? Present your answer in CVP income statement format. b) How much is the contribution margin ratio