A traveling production of Beauty and the Beast performs each year. The average show sells 1,100 tickets at $55 a ticket. There are 120 shows each year. The show has a cast of 75, each earning an average of $320 per show. The cast is paid only after each show. The other variable expense is program printing costs of $5 per guest Annual fixed expenses total $434,000. Read the requirements Requirement 1. Compute revenue and variable expenses for each show. The revenue for each show is The variable expenses for each show are compute the number of shows needed annually to break even. Requirement 2. Use the income statement equation approach Begin by determining the basic income statement equation. 1 = Operating income Using the basic income statement equation you determined above, solve for the number of shows to breakeven. The number of shows needed annually to break even is Requirement 3. Use the shortcut unit contribution margin approach to compute the number of shows needed annually to earn a profit of $3,937,000 is this goal realistic? Give your reason. Begin by selecting the formula. c 1) = Target of shows Using the equation you determined above, solve for the target number of shows. The number of shows needed annually to eam a profit of $3,937,000 is The profit goal of $3.937,000 is since Beauty and the Beast currently performs 120 shows a year. Requirement 4. Prepare Beauty and the Beast's contribution margin income statement for 120 shows each year. Report only two categories of expenses: variable and fixed. Beauty and Beast Contribution Margin Income Statement Year Ended December 31 Requirements 1. Compute revenue and variable expenses for each show. 2. Use the income statement equation approach to compute the number of shows needed annually to break even. 3. Use the shortcut unit contribution margin approach to compute the number of shows needed annually to earn a profit of $3,937,000 Is this goal realistic? Give your reason. 4. Prepare Beauty and the Beast's contribution margin income statement for 120 shows each year. Report only two categories of expenses: variable and fixed. Print Done