A travelling production of Chicago performs 110 shows each year. The average sales for each show are 1,200 tickets at $40 a ticket. The show has a cast of 60, 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 $8 per guest. Annual fixed expenses total $630,000. 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. 4. Use the shortcut unit contribution margin approach to compute the number of shows needed annually to earn a profit of $1,926,000. Is this goal realistic? Give your reason. Prepare Chicago's contribution margin income statement for 110 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 $ 48000 The variable expenses for each show are $30000 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. Sales revenue Variable expenses Number of shows 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 $1,926,000. Is this goal realistic? Give your reason. The number of shows needed annually to earn a profit of $1,926,000 is The profit goal of $1,926,000 is realistic since Chicago currently performs 110 shows a year. Target # of shows