A traveling production of Fiddler on the Roof performs 125 shows each year. The average sales for each show are 1,500 tickets at $40 a ticket. The show has a cast of 75, each earning an average of $350 per show. The cast is paid only after each show. The other variable expense is program printing costs of $7 per guest. Annual fixed expenses total $372,000 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 eam a profit of $1,720,500. Is this goal realistic? Give your reason 4. Prepare Fiddler on the Roofs contribution margin income statement for 125 shows each year. Report only two categories of expenses: variable and fixed. Requirement 1. Compute revenue and variable expenses for each show. The revenue for each show is $ . The variable expenses for each show are $ Requirement 2. Use the income statement equation approach to compute the number of shows needed annually to break even Begin by determining the basic income statement equation. Operating income Using the basic income statement equation you determined above, solve for the number of shows needed annually to break-even. The number of shows needed annually to break-even is I Requirement 3. Use the shortcut unit contribution margin approach to compute the number of shows needed annually to earn a profit of $1,720,500. Is this goal realistic? Give your reason. = Target # of shows A travelling production of Fiddler on the Roof performs 125 shows each year. The average sales for each show are 1.500 tickets at $40 a ticket. The show has a cast of 75, each earning an average of $350 per show. The cast is paid only after each show. The other variable expense is program printing costs of $7 per guest. Annual fixed expenses total $372,000 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 $1,720,500. Is this goal realistic? Give your reason. 4. Prepare Fiddler on the Roof's contribution margin income statement for 125 shows each year, Report only two categories of expenses: variable and fixed. + = Target # of shows The number of shows needed annually to earn a profit of $1,720,500 is The profit goal of $1,720,500 is since Fiddler on the Roof currently p&rforms 125 shows a year. Requirement 4. Prepare Fiddler on the Roof's contribution margin income statement for 125 shows each year. Report only two categories of expenses: variable and fixed. Fiddler on the Roof Contribution Margin Income Statement For the Year Ended December 31 Operating income (loss) Time Remaining: 01:28:43 Next