Wildhorse Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 50 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 $95,000 $1,850,000 Selling expenses-variable Sales Direct materials 470,000 Selling expenses-fixed 54,000 Direct labor 340,000 Administrative expenses-variable 30,000 Manufacturing overhead-variable 360,000 Administrative expenses-fixed 109,000 Manufacturing overhead-fixed 170,000 Prepare a CVP income statement for 2020 based on management's estimates. WILDHORSE COMPANY CVP Income Statement (Estimated) For the Year Ending December 31, 2020 $ Sales 1850000 Variable Expenses $ i Cost of Goods Sold 1170000 i 95000 Selling Expenses Administrative Expenses i 30000 Total Variable Expenses 1295000 Contribution Margin 555000 Fixed Expenses i Cost of Goods Sold 170000 i Selling Expenses 54000 tA Administrative Expenses 109000 i Total Fixed Expenses 333000 $ Net Income/(Loss) 222000 tA Compute the contribution margin ratio and the margin of safety ratio. (Round variable cost per bottle to 3 decimal places, e.g. 0.25 and final answers to O decimal places, e.g. 25%.) Contribution margin ratio Margin of safety ratio eTextbook and Media Your answer is incorrect. Determine the sales dollars required to earn net income of $240,000. (Round answer to 0 decimal places, e.g. 1,225.) $ Required sales dollars