a connect The following costs result from the production and sale of 1,000 drum sets manufactured by Tight Drums PROBLEM SET A Company for the year ended December 31, 2017. The drum sets sell for $500 each. The company has a 25% income tax rate. Problem 5-1A Contribution margin income statement and Fixed manufacturing costs Variable production costs 17,000Taxes on factory 26,000 Factory machinery depreciation 15,000 Lease of equipment for sales staff. . . . . . . . . $ 5,000contribution margin ra 10,000 Plastic for casing Wages of assembly workers Drum stands 82,000 Factory maintenance 40,000 A1 ..2 Fixed selling and administrative costs Variable selling costs 10,000 35,000 Accounting staff salaries Administrative management salaries ...125,000 Required 1. Prepare a contribution margin income statement for the company 2. Compute its contribution margin per unit and its contribution margin ratio. Analysis Component 3. Interpret the contribution margin and contribution margin ratio from part 2. Check (1) Net incon $101,250 Lunnr fnll Problem 5-2A