13 The following costs result from the production and sale of 4,400 drum sets manufactured by Tight Drums Company for the year ended December 31, 2019. The drum sets sell for $290 each. The company has a 25% income tax rate. 0.55 points $ 110,000 396, 000 149, 600 101, 200 eBook Variable production costs Plastic for casing Wages of assembly workers Drum stands Variable selling costs Sales comissions Fixed manufacturing costs Taxes on factory Factory maintenance Factory machinery depreciation Fixed selling and administrative costs Lease of equipment for sales staff Accounting staff salaries Administrative management salaries 14,000 28,000 88,000 Print 28,000 78,000 158,000 References Required: 1. Prepare a contribution margin income statement for the year. 2. Compute its contribution margin per unit and its contribution margin ratio. 3. For each dollar of sales, how much is left to cover fixed costs and contribute to operating income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 For each dollar of sales, how much is left to cover fixed costs and contribute to operating income? (Round your answer to 2 decimal places.) For each dollar of sales, how much is left to cover fixed costs and contribute to operating income?