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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

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 Sold 400 600 750
Total costs
Variable costs $ 52,000 $ 78,000 $ 97,500
Fixed costs 180,000 180,000 180,000
Total costs $ 232,000 $ 258,000 $ 277,500
Cost per unit
Variable cost per unit $ 130.00 $ 130.00 $ 130.00
Fixed cost per unit 450.00 300.00 240.00
Total cost per unit $ 580.00 $ 430.00 $ 370.00

Riverside sells its canoes for $660 each. Next year Riverside expects to sell 1,000 canoes. Required: Complete the Riversides contribution margin income statement for each independent scenario. Assuming each scenario is a variation of Riversides 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.)

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