Wolsey Industries Inc. expects to maintain the same inventories at the end of 20Y 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: \begin{tabular}{|l||l|c|c|} \hline & & Estimated Fixed & EstimatedCariableCost(perunitsold) \\ \hline & & Cost & \\ \hline 2 & Production costs: & - & $46.00 \\ \hline 3 & Direct materials & - & 40.00 \\ \hline 4 & Direct labor & $200,000.00 & 20.00 \\ \hline 5 & Factory overhead & & \\ \hline 6 & Selling expenses: & & \\ \hline 7 & Sales salaries and commissions & 110,000.00 & 8.00 \\ \hline 8 & Advertisina & 40,000,00 & - \\ \hline \end{tabular} 8 Advertising 9 Travel 10 Miscellaneous selling expense \begin{tabular}{|l|l} \hline 40,000.00 & - \\ \hline 12,000.00 & - \\ \hline 7,600.00 & 1.00 \end{tabular} 11 Administrative expenses: 12 Office and officers' salaries 13 Supplies 14 Miscellaneous administrative expense 15 Total \begin{tabular}{|c|c|} \hline 132,000.00 & - \\ \hline 10,000.00 & 4.00 \\ \hline 13,400.00 & 1.00 \\ \hline$525,000.00 & $120.00 \\ \hline \hline \end{tabular} Required: 1. Prepare an estimated income statement for 20Y8. Be sure to complete the statement heading. Refer to the list of Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. A colon (:) will automatically appear if it is required. 2. What is the expected contribution margin ratio? 3. Determine the break-even sales in units and 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? 6. Determine the operating leverage. Round to one decimal place. 1. Prepare an estimated income statement for 20Y. Be sure to complete the statement heading. Refer to the list of Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. A colon (:) will automatically appear if it is required. \begin{tabular}{|l|l} \hline 1 & \\ \hline 2 & Cost of goods sold: \end{tabular} 3 4 5 6 7 8 (Label) 9 Selling expenses: 10 21 3. Determine the break-even sales in units and dollars. 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? Dollars Percentage 6. Determine the operating leverage. Round to one decimal place