Chap 21 Homework Help Save & Exit Submit Check my work The following costs result from the production and sale of 4,550 drum sets manufactured by Tight Drums Company for the year ended December 31, 2019. The drum sets sell for $305 each. The company has a 40% income tax rate. $ 127.400 423,150 168,350 118,300 Variable production costs Plastic for casing Wages of assembly workers Drum stands Variable selling costs Sales commissions Fixed manufacturing costs Taxes on factory Factory maintenance Factory machinery depreciation Fixed selling and administrative cost Lease of equipment for sales staff Accounting staff salaries Administrative management salaries 9. She 19.000 79,00 19,000 69,000 149.00 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? Prey 11 of 1 Next 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 TIGHT DRUMS COMPANY Contribution Margin Income Statement For Year Ended December 31, 2019 Sales Variable costs: Plastic for casing Wages of assembly workers Drum stands Sales commissions 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 Total fixed costs Pretax income Income tax Net 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: Plastic for casing Wages of assembly workers Drum stands Sales commissions Total variable costs Contribution margin 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 3 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 left to cover foxed costs and contribute to operating incomo?
