18-2A (Algo) Contribution margin income statement and contribution margin ratio LO A1 The following costs result from the production and sale of 4,550 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $305 each. Variable costs Plastic for casing Wages of assembly workers Drum stands Sales commissions $127,400 423,150 168,350 118,300 Fixed costs Taxes on factory 9,500 Factory maintenance 19,000 Factory machinery depreciation 79,000 Lease of equipment for sales staff 19,000 Accounting staff salaries 69,000 Administrative salaries 149,000. Required: 1. Prepare a contribution margin income statement for the year. 2. Compute contribution margin per unit and contribution margin ratio. 3. For each dollar of sales, how much is left to cover fixed costs and contribute to income? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute contribution margin per unit and contribution margin ratio. (Round Contribution margin ratio to nea percentage.) TIGHT DRUMS COMPANY Contribution Margin Income Statement (partial) For Year Ended December 31 Per Unit Sales 1,387,750 Variable costs: Plastic for casing 127,400X Wages of assembly workers 423,150X Drum stands 168,350x Total variable costs Contribution margin Sales Variable costs Contribution margin 718,900 $ 668,850 Contribution Margin Ratio $ 1,387,750 718,900 $ 668,850 100% Problem 18-2A (Algo) Contribution margin income statement and contribution margin ratio LO A1 The following costs result from the production and sale of 4,550 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $305 each. Variable costs Plastic for casing Wages of assembly workers $ 127,400 423,150 Drum stands 168,350 Sales commissions 118,300 Fixed costs Taxes on factory 9,500 Factory maintenance 19,000 Factory machinery depreciation 79,000 Lease of equipment for sales staff 19,000 Accounting staff salaries 69,000 Administrative salaries 149,000 Required: 1. Prepare a contribution margin income statement for the year. 2. Compute contribution margin per unit and contribution margin ratio.. 3. For each dollar of sales, how much is left to cover fixed costs and contribute to income? Answer is not complete. 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 income? (Round your answer to 2 decimal places.) For each dollar of sales, how much is left to cover fixed costs and contribute to income? Check my work mode: This shows what is correct or incorrect for the work you have comple Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a contribution margin income statement for the year. TIGHT DRUMS COMPANY Contribution Margin Income Statement For Year Ended December 31 Sales Variable costs: Plastic for casing Wages of assembly workers Drum stands Sales commissions Administrative salaries Contribution margin Fixed costs S 1,387,750 $ 127,400 423,150 168,3500 118,300 ( 837,200 550,550 Taxes on factory 9,500 Factory maintenance 19,000 Factory machinery depreciation 79,000 Lease of equipment for sales staff 19,000 Accounting staff salaries i 69,000 Administrative salaries 149,000 Sales commissions Income 344,500 $ 206,050) Problem 18-2A (Algo) Contribution margin income statement and contribution margin ratio LO A1 The following costs result from the production and sale of 4,550 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $305 each. Variable costs Plastic for casing Wages of assembly workers Drum stands $127,400 423,150 168,350 Sales commissions 118,300 Fixed costs Taxes on factory 9,500 Factory maintenance 19,000 Factory machinery depreciation 79,000 Lease of equipment for sales staff 19,000 Accounting staff salaries 69,000 Administrative salaries 149,000 Required: 1. Prepare a contribution margin income statement for the year. 2. Compute contribution margin per unit and contribution margin ratio. 3. For each dollar of sales, how much is left to cover fixed costs and contribute to income? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a contribution margin income statement for the year. TIGHT DRUMS COMPANY Contribution Margin Income Statement For Year Ended December 31