A traveling production of The Phantom of the Opera performs each year. The average show sells 900 tickets at $65 per ticket. There are 120 shows each year. The show has a cast of 55, 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 $9 per guest. Annual fixed expenses total $443,800. Read the requirements. Requirement 1. Compute revenue and variable expenses for each show. Requirements The revenue for each show is $ 58,500. The variable expenses for each show are $ 26,800 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. 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 $4,121,000 Is this goal realistic? Give your reason. 4. Prepare The Phantom of the Opera's contribution margin income statement for 120 shows each year. Report only two categories of expenses: variable and fixed. Sales revenue Fixed expenses Variable expenses = 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 144 Enter any number in the edit fields and then click Check Answer. Print Done