A travelling production of Cats performs 125 shows each year. The average sales for each show are 800 tickets at $75 a ticket. The show has cast of 75, each earning an average of $350 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 $422.250. 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 $3,687,650. Is this goal realistic? Give your reason. 4. Prepare Cats's contribution margin income statement for 125 shows each year. Report only two categories 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 sa 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 needed annually to break-even. 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 $3,687,650. Is this goal realistic? Give your reason. = Target # of shows The number of shows needed annually to earn a profit of $3,687,650 is The profit goal of $3,687,650 is since Cats currently performs 125 shows a year. Requirement 4. Prepare Cats's contribution margin income statement for 125 shows each year. Report only two categories of expenses: variable and fixed. Cats Contribution Margin Income Statement For the Year Ended December 31 Onorating incomo llacel