Atraveling production of The Little Mermaid performs each year. The average show sells 1,000 tickets at $50 per ticket. There are 110 shows each year. The show has a cast of 35, 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 $9 per guest. Annual fixed expenses total $1,006,250 Read the requirements Requirement 1. Compute revenue and variable expenses for each show. The revenue for each show is $ The variable expenses for each show are $ 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 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 $3,076,250 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. Choose from any list or enter any number in the input fields and then continue to the next question + A traveling production of The Little Mermaid performs each year. The average show sells 1,000 tickets at $50 per ticket. There are 110 shows each year. The show has a cast of 35, each eaming an average of $350 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 $1,006,250 Read the requirements. 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 $3,076,250 is The profit goal of $3,076,250 is since The Little Mermaid currently performs 110 shows a year. Requirement 4. Prepare The Little Mermaid's contribution margin income statement for 110 shows each year Report only two categories of expenses: variable and fixed. The Little Mermaid Contribution Margin Income Statement Year Ended December 31 Choose from any list or enter any number in the input fields and then continue to the next