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Penelope Company bottles and distributes canned corn. The cans are sold for 50 cents per...

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Penelope Company bottles and distributes canned corn. The cans are sold for 50 cents per 14 ounce can to retailers, who charge customers 70 cents per can. For the year 2020, management estimates the following revenues and costs. Problems: (a) Prepare a CVP income statement for 2020 based on management's estimates. (b) Compute the break-even point in (1) units and (2) dollars. (c) Compute the contribution margin ratio and the margin of safety ratio. (d) Determine the sales dollars required to earn net income of 624,000

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