E5-14 Determining Cost Behavior, Preparing Contribution Margin Income Statement [LO 5-1, 5-5] Riverside Inc. makes one model of wooden canoe. Partial information for it follows: Number of Canoes Produced and Sold 535 685 835 $ 76,505 149,000 $225,505 ? ? ? 2 2 ? Total costs Variable costs Fixed costs Total costs Cost per unit Variable cost per unit Fixed cost per unit Total cost per unit 2 ? ? ? ? ? 2 2 ? Required: 1. Complete the table. (Round your cost per unit answers to 2 decimal places.) Number of Canoes Produced and Sold 535 685 835 Total Costs $ Variable Costs Fixed Costs Total Costs 76,505 149,000 225,505 $ Cost per Unit Variable Cost per Unit Fixed Cost per Unit Total Cost per Unit 3. Suppose Riverside sells its canoes for $503 each. Calculate the contribution margin per canoe and the contribution margin ratio. (Round your contribution margin to the nearest whole dollar and your contribution margin ratio to the nearest whole percent.) Unit Contribution Margin Contribution Margin Ratio % 4. Next year Riverside expects to sell 885 canoes. Complete the contribution margin income statement for the company. RIVERSIDE INC. Contribution Margin Income Statement For the Next Year Contribution Margin Net Operating Income