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 Total costs 400 600 750 Variable costs Fixed costs $52,000 S 78,0OD $ 97,500 180,000 $232,000 S 258,000 S 277,500 180,00D 80.000 Total costs Cost per unit Variable cost per unit Fxed cost per unit $130.00 S 130.00 S 130.00 240.00 $580.00 S430.00 S 370.00 450.00 300.00 Total cost per unit Riverside sells its canoes for $660 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.) Scenario 1 Raises Sales Price to $760 per Canoe Scenario 2 Increase Sales Pricc and Variable Cost per Unit by 10 Percent Scenario 3 Decrease Fixed Cost by 20 Percent Unit Contribution Margin Contribution Margin Ratio Contribu tion Margin Income Statement Contribution Margin Net Operating Income