Wolsey Industries Inc. expects to maintain the same inventories at the end of 20Y3 as at the beginning of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various department heads were asked to submit estimates of the costs for their departments during the year. A summary report of these estimates is as follows: It is expected that 21,300 units will be sold at a price of $160 a unit. Maximum sales within the are 26,100 units. Required: 1. Prepare an estimated income statement for 20Y3. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter all amounts as positive values. 2. What is the expected contribution margin ratio? 3. Determine the break-even sales in units and dollars. Round your answers to the nearest whole number. 4. Construct a cost-volume-profit chart on your own paper. What is the break-even sales? 5. What is the expected margin of safety in dollars and as a percentage of sales? Round your answers to the nearest whole number. 6. Determine the operating leverage. Round to one decimal place. Labels and Amount Descriptions Advertising Contribution margin Cost of goods sold Direct labor Direct materials Expenses Factory overhead Gross profit Income from operations Manufacturing margin Miscellaneous administrative expense Miscellaneous selling expense Office and officers' salaries Sales Sales salaries and commissions Supplies Total administrative expenses Total cost of goods sold Total expenses Total selling expenses Income Statement \begin{tabular}{|l|l|} \hline 1 & \\ \hline 2 & (Label) \\ \hline \end{tabular} 3 4 5 6 7 8 (Label) 9 Selling expenses: 10 11 12 13 14 15 Administrative expenses: 16 17 18 2. What is the expected contribution margin ratio? 3. Determine the break-even sales in units and dollars. Round your answers to the nearest whole number. Units units Dollars $ 4. Construct a cost-volume-profit chart on your own paper. What is the break-even sales? $ 5. What is the expected margin of safety in dollars and as a percentage of sales? If applicable, use amounts previously computed and then round your answers to the nearest whole number. Dollars Percentage 6. Determine the operating leverage. Round to one decimal place