A traveling production of Hairsprey performs each yeat. The average show selis 1,000 tickets at 355a tick there are 120 shows each year, The show has a cast of 60 , each earning an tiverego of $350 per show. The cast is paid only after each show. The other variable escanse is program printing costs of $9 per guest. Arnual focod expenses total 5875,000 Read the reswitemeots. 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 shortout unit contribution margin approach to compute the number of thows needed annually to eam a profit of $1,375,000 is this goal realistic? Give yout reason. 4. Prepare Hairspray's contribution margin income statement for 120 shows each year, Report only two calegories 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 statemerit equation, 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 eam a profit of 51,375,000 is this goal realistic? reason. Begin by selecting the formula. Using the equation you determined above, solve for the target number of shows. The number of shows needed annually to earn a profit of $1,375,000 is The profit goal of $1,375,000 is since Hairspray currently performs 120 shows a year, Requirement 4. Prepare Hairspray's contribution margin income statement for 120 shows each year. Report only two categories of expenses; variable and fixed. Hairspray Using the equation you determined above, solve for the targetzumber of shows. The number of shown needed aninually lo enm ayoht of 51,375,000 is The proft 90 at of $1,375,000 is since Hairspray curventy performs 120 shows a year. Requirement 4 Prepare Hairspray/s conthbution margin income statoment for 120 shows cach year. Report crify two categories of a vineinses. variable and fixed