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: 750 Number of Canoes Produced and Sold 400 600 Total costs Variable costs $ 48,000 $ 72,000 Fixed costs 120,000 120,000 Total costs $168,000 $ 192,000 Cost per unit Variable cost per unit $ 120.00 $ 120.00 Fixed cost per unit 300.00 200.00 Total cost per unit $ 420.00 $ 320.00 $ 90,000 120,000 $210,000 $ 120.00 160.00 $ 280.00 Riverside sells its canoes for $500 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 $600 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 Contribution Margin Net Operating Income