Kipling Company has sales of $1,500,000 for the first quarter of 2016. In making the sales, the company incurred the following costs and expenses. 
Instructions
Calculate net income under CVP for 2016.
Definitions:
U.S. Interest Rates
U.S. interest rates are the rates at which interest is paid by borrowers for the use of money that they borrow from a lender, specifically within the United States.
Savings Account
A deposit account held at a bank or financial institution that earns interest and is designed for the purpose of saving rather than daily transactions.
Mortgage Loan
A loan used to purchase a piece of property, where the property itself serves as collateral for the loan.
Open-Market Sales
The selling of government securities in the open market to reduce the money supply and influence interest rates.
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