A traveling production of Fiddler on the Roof performs each year. The average show sells 900 tickets at $60 a ticket. There are 120 shows each year. 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 $9 per guest. Annual fixed expenses total $275,100. Requirement 1. Compute revenue and variable expenses for each show. The revenue for each show is The variable expenses for each show are A traveling production of Fiddler on the Roof performs each year. The average show sells 900 tickets at $60 a ticket. There are 120 shows each year. 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 $9 per guest. Annual fixed expenses total $275,100. 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 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 $2,495,550 Is this goal realistic? Give your reason. Begin by selecting the formula. =Target # of shows Using the equation you determined above, solve for the target number of shows. The number of shows needed annually to earn a profit of $2,495,550 is The profit goal of $2,495,550 is since Fiddler on the Roof currently performs 120 shows a year. Requirement 4. Prepare Fiddler on the Roof's contribution margin income statement for 120 shows each year. Report only two categories of expenses: variable and fixed. Fiddler on the Roof Contribution Margin Income Statement Year Ended December 31