E5-16 Calculating Contribution Margin and Contribution Ratio, Preparing Contribution Margin Income Statement LO 5-5 Riverside Inc. makes one model of wooden canoe. Partial information for it follows: Number of Canoes Produced and Sold400 Total costs 600 750 Variable costs Fixed costs 54,000 S 81,000 $101,250 O00060,000 $114,000 S141,000 $161,250 60,000 60,000 Total costs Cost per unit Variable cost per unit Fixed cost per unit $135.00 S 135.00 $ 135.00 80.00 150.00 100.00 Total cost per unit $285.00 S 235.00 215.00 Riverside sells its canoes for $370 each. Next year Riverside expects to sell 1,000 canoes. Required Complete the Riverside's contribution margin income statement for each independent scenario. Assuming each scenario is a variation of Riverside's original data. (Round your unit contribution margin and contribution margin ratio to two decimal places (i.e. .1234 should be entered as 12.34%) and all other answers to the nearest dollar amount.) Scenario1 Raises Sales Price to $470 per Canoe Scenario 2 Increase Sales Price and Variable Cost per Unit by 10 Percent Scenario 3 Decrease Fixed Cost by 20 Percent Unit Contribution Margin$ Contribution Margin Ratio 335.00 71.281% Contribution Margin Income Statement Contribution Margin Net Operating Income