E5-19 (Algo) 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 50e 700 850 Total costs Variable costs Fixed costs Total costs Cost per unit Variable cost per unit Fixed cost per unit Total cost per unit $ 87,500 $ 122,500 $148,750 178,5ee 178,500 178,500 $266,000 $301,000 $327,250 $ 175.00 $ 175.00 357.00 255.00 $ 532.00 $ 430.00 $ 175.00 210.00 $385.00 Riverside sells its canoes for $650 each. Next year Riverside expects to sell 1,000 canoes. Riverside sells its canoes for $650 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 2 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 5750 per Canon Scenario 2 Increase Sales Price and Variable Cost per Unit by 10 Percent Scenario 3 Decrease Fixed Cont by 20 Percent Unit Contribution Margin Contribution Margin Ratio % % Contribution Margin Income Statement Contribution Margin Net Operating Income Scenario 1 Raises Sales Price to $750 Scenario 2 Increase Sales Price and Variable Cost per Unit by 10 Percent Scenario 3 Decrease Fixed Cost by 20 Percent per Canoe Unit Contribution Margin Contribution Margin Ratio % % % Contribution Margin Income Statement Cost of Goods Sold Fixed Costs Gross Margin Interest Expense Net Operating Income Scenario 1 Raises Sales Price to $750 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 % % % Contribution Margin Income Statement Gross Margin Interest Expense Net Income After Taxes Sales Revenue Variable Costs Net Operating Income