Wuhan Industries developed the following information for the product it sells: Sales price $500 per unit Variable cost of goods sold $280 per unit Fixed cost of goods sold $950,000 Variable selling expense 10% of sales price Variable administrative expense $20.20 per unit Fixed selling expense $420,000 Fixed administrative expense $300,000 Instructions Prepare a CVP income statement using the contribution margin format for Wuhan Industries for 2016 for the two scenarios: 1. Wuhan produced and sold 14,000 units of product. 2. Wuhan produced and sold 20,000 units because of increased advertising expenses by $5,000 Note: You can present one CVP income statement with two columns-- one for scenario 1 and another column for scenario 2. You can make use of the table function above