Ch 18: Assessment i 4 14.28 points Skipped Saved The following costs result from the production and sale of 4,100 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $260 each. Variable costs Plastic for casing Wages of assembly workers Drum stands Sales commissions Fixed costs $ 77,900 344,400 114,800 69,700 Taxes on factory 11,000 Factory maintenance Factory machinery depreciation 22,000 82,000 Lease of equipment for sales staff 22,000 72,000 Administrative salaries 152,000 Accounting staff salaries Required: 1. Prepare a contribution margin income statement for the year. 2. Compute contribution margin per unit and contribution margin ratio. 3. For each dollar of sales, how much is left to cover fixed costs and contribute to income? Help Save & Exit Submit 3 Check my work 14.28 points Complete this question by entering your answers in the tabs below. Skipped Required 1 Required 2 Required 3 Prepare a contribution margin income statement for the year. TIGHT DRUMS COMPANY Contribution Margin Income Statement For Year Ended December 31 Sales Variable costs: Contribution margin Fixed costs Income