A traveling production of Hairspray performs each year. The average show sells 1,000 tickets at $65 a ticket. There are 115 shows each year. The show has a cast of 65, 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 $6 per guest. Annual fixed expenses total $553,500. 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 a S Requirement 3. Use the shortcut unit contribution margin approach to compute the number of shows needed annually to earn a profit of $2,952,000 Is this goal realistic? Give your reason. Begin by selecting the formula. Target # of shows m Using the equation you determined above, solve for the target number of shows. VEE The number of shows needed annually to earn a profit of $2,952,000 is ou 10 1. The profit goal of $2,952,000 is since Hairspray currently performs 115 shows a year. Requirement 4. Prepare Hairspray's contribution margin income statement for 115 shows each year. Report only two categories of expenses: variable and fixed. Hairspray 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 $2,952,000 Is this goal realistic? Give your reason. 4. Prepare Hairspray's contribution margin income statement for 115 shows each year. Report only two categories of expenses: variable and fixed