A traveling production of Grease performs each year. The average show sells 800 tickets at $55 a ticket. There are 130 shows each year. The show has a cast of 55, 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 $9 per guest. Annual fixed expenses total $729,600. 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 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 $1,996,800 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 $1,996,800 is The profit goal of $1,996,800 is since Grease currently performs 130 shows a year. Requirement 4. Prepare Grease's contribution margin income statement for 130 shows each year. Report only two categories of expenses: variable and fixed. Grease Contribution Margin Income Statement Year Ended December 31 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 $1,996,800 Is this goal realistic? Give your reason. 4. Prepare Grease's contribution margin income statement for 130 shows each year. Report only two categories of expenses: variable and fixed