A traveling production of The Phantom of the Opera performs each year. The average show sells 1,500 tickets at $40 per ticket. There are 130 shows each year. The show has a cast of 35, each eaming an average of $320 per show. The cast is paid only after cach show. The other variable expense is program printing costs of $6 por guest Annual fixed expenses total 557.200. Read the requirements Requirement 1. Compule revenue and variable expenses for each sh . The revenue for each show is $ The variable expenses for each show are $ Requirement 2. Use the income staternent 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 S3,223,800 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 $3.223,800 is The profit goal of $3,223,800 is since The Phantom of the Opera currently performs 130 shows a year. Requirement 4. Prepare The Phantom of the Opera's contribution margin income statement for 130 shows each year. Report only two categories of expenses: variable and fixed. The Phantom of the Opera Contribution Margin Income Statement Year Ended December 31