A traveling production of Grease performs each year. The average show sells 1,500 tickets at $55 a ticket. There are 130 shows each year. The show has a cast of 50, each earning an average of $340 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 $1,760,000. 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 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