5 E5-18 (Algo) Calculating Contribution Margin and Contribution Ratio, Preparing Contribution Margin Income Statement [LO 5-5] Riverside Incorporated makes one model of wooden canoe. Partial information for it follows: 10 Number of Canoes Produced and points 500 Sold Total costs Variable costs eBook Fixed costs Total costs Hint Cost per unit Variable cost per unit References Fixed cost per unit Total cost per unit 700 850 $ 87,500 $ $ 122,500 148,750 178,500 178,500 178,500 $ $ $ 266,000 301,000 327,250 $ 175.00 357.00 255.00 175.00 175.00 210.00 $ 532.00 430.00 385.00 Riverside sells its canoes for $650 each. Next year Riverside expects to sell 1,000 canoes. Required: Complete the Riverside's contribution margin income statement for each independent scenario. Assuming each scenario is a variation of Riverside's original data. Note: Round your unit contribution margin and contribution margin ratio to 2 decimal places (i.e. 0.1234 should be entered as 12.34%) and all other answers to the nearest dollar amount. Scenario 1 Raises Sales Price to $750 per Canoe Scenario 2 Increase Sales Price and Variable Cost per Unit by 10 Percent Scenario 3 Decrease Fixed Cost by 20 Percent % % Unit contribution margin Contribution margin ratio % Contribution Margin Income Statement Contribution margin Net operating income