E5-17 (Algo) Determining Cost Behavior, Preparing Contribution Margin Income Statement [LO 5-1, 5-5] Riverside Incorporated makes one model of wooden canoe. Partial information for it follows: Number of Canoes Produced and Sold 500 650 800 Total costs Variable costs Fixed costs Total costs Cost per unit Variable cost per unit Fixed cost per unit $ 70,500 149,800 ? ? ? ? $ 220,300 ? ? ? ? ? ? ? ? ? 232 ? ? Total cost per unit Required: 1. Complete the table. 3. Suppose Riverside sells its canoes for $507 each. Calculate the contribution margin per canoe and the contribution margin ratio. 4. Next year Riverside expects to sell 850 canoes. Complete the contribution margin income statement for the company. Required 1 Required 3 Required 4 Complete the table. Note: Round your cost per unit answers to 2 decimal places. Number of Canoes Produced and Sold Total costs Variable costs Fixed costs Total costs Cost per unit Variable cost per unit Fixed cost per unit Total cost per unit 500 650 800 70,500 149,800 EA $ 220,300 $ 0 0 $ 0.00 0.00 $ 0.00 Required 1 Required 3 > Required 1 Required 3 Required 4 Suppose Riverside sells its canoes for $507 each. Calculate the contribution margin per canoe and the ratio. Note: Round your contribution margin to the nearest whole dollar and your contribution margin ratio to percent. Unit contribution margin Contribution margin ratio per canoe % < Required 1 Required 4 > Required 1 Required 3 Required 4 Next year Riverside expects to sell 850 canoes. Complete the contribution margin income statement for Note: Round your Contribution margin to 2 decimal places. RIVERSIDE INCORPORATED Contribution Margin Income Statement For the Next Year Sales revenue Variable costs $ 404,915 117,530 Contribution margin $ 287,385 Fixed costs (148,600) Net operating income $ 138,785 < Required 3 Required 4