show all calculations please. On these Excel sheets, you will need to prepare a complete projected income statement in the contribution format for each scenario, in the manner of a flexible budget.The cells will be checked for appropriate formulas, when appropriate. Please highlight the specific answer to the question being posed.Carolina Manufacturing Company has been operating at a loss for several years. A management team has assembled to determine what course of action to takenext year to reach profitability. They begin by reviewing the most recent income statement (below).Sales (45,000 units at $15)Less cost of goods sold:Gross marginLess operating expensesNet lossDirect materialsDirect laborManufacturing overheadCarolina Manufacturing CompanyIncome StatementFor the Year Ended December 31Selling expensesVariableSales commissiShippingFixed (advertisiAdministrative expensesVariable (billingFixed (salaries135,000117,450147,75040,5008,100180,0002,70022.000$675,000400,200274,800228,60074.700($28,500)All variable expenses vary with the number of units sold, except for sales commissions, which are based on a percentage of sales dollars. Variable manufacturingoverhead is forty-five cents per unit. The plant has a capacity of 75,000 units per year.In order to facilitate the work of the management team, you are asked to prepare various spreadsheets and specific computations in Excel.A) Reformat the income statement in the contribution format. Include both a Total column and Per Unit column in the statement.

Income Statement :— Income statement of the company provide the wealth of the Company. An income…

Net loss ($28,500) All variable expenses vary with the number of units sold, except for sales commissions, which are based on a percentage of sales dollars. Variable manufacturing overhead is forty-five cents per unit. The plant has a capacity of 75,000 units per year. In order to facilitate the work of the management team, you are asked to prepare various spreadsheets and specific computations in Excel. A) Reformat the income statement in the contribution format. Include both a Total column and Per Unit column in the statement.