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Problem 18-1A Contribution margin income statement and contribution margin rotio LO A1 The following costs result from the production and sale of 4.250 drum sets manufactured by Tight Drums Company for the year ended December 31, 2019. The drum sets sell for $275 each. The company has a 30% income tax rate $ 93,500 369,750 131,750 85,000 Variable production costs Plastic for casing Wages of assembly workers Drum stands Variable selling costs Sales comissions Fixed manufacturing costs Taxes on factory Factory maintenance Factory machinery depreciation Fixed selling and administrative costs Lease of equipment for sales staff Accounting staff salaries Administrative management salaries 12,500 25,000 55,000 25,000 75,000 155.000 Required: 1. Prepare a contribution margin income statement for the year 2 Compute its contribution margin per unit and its contribution margin ratio, 3. For each dollar of sales how much is left to cover liked costs and contribute to operating income Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Prepare a contribution margin income statement for the year TIGHT ORUMS COMPANY Contribution Margie Income Statement For Year Ended December 31, 2015 5 1.168.750 Sales Variable costs 3. For each dollar of sales, how much is left to cover fixed costs and contribute to operating income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a contribution margin income statement for the year. $ 1,168,750 TIGHT DRUMS COMPANY Contribution Margin Income Statement For Year Ended December 31, 2019 Sales Variable costs Plastic for casing 93,500 Wages of assembly workers 369.750 Drum stands 131,750 Sales commissions 85,000 680.000 Total variable costs Contribution margin Fixed costs Taxes on factory Factory maintenance Factory machinery depreciation Lease of equipment for sales staff Accounting staff salaries Administrative management salaries 12.500 25,000 85.000 25.000 75.000 155.000 377.500 Total foxed costs Pretax income Income tax Net Income Dod 3. For each dollar of sales, how much is left to cover fixed costs and contribute to operating income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute its contribution margin per unit and its contribution margin ratio. (Round Contribution margin ratio to nearest whole percentage.) TIGHT DRUMS COMPANY Contribution Margin Income Statement (partial) For Year Ended December 31, 2019 Per Unit Sales Variable costs 27 Total variable costs Contribution margin The following costs result from the production and sale of 4.250 drum sets manufactured by Tight Drums Company for the year ended December 31, 2019. The drum sets sell for $275 each. The company has a 30% income tax rate. $ 93,500 369,750 131,750 85,000 Variable production costs Plastic for casing Wages of assembly workers Drum stands Variable selling costs Sales comissions Fixed manufacturing costs Taxes on factory Factory maintenance Factory machinery depreciation Fixed selling and administrative costs Lease of equipment for sales staff Accounting staff salaries Administrative management salaries 12,500 25,000 85,000 25,000 75,000 155,000 Required: 1. Prepare a contribution margin income statement for the year 2. Compute its contribution margin per unit and its contribution margin ratio 3. For each dollar of sales, how much is left to cover fixed costs and contribute to operating income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required For each dollar of sales, how much is left to cover fixed costs and contribute to operating income? (Round your answer to 2 decimal places) For each dollar of sales how much is tot to cover fored.coots and contribute to operating income? (Required 2