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: 700 850 Number of Canoes Produced and Sold 500 Total costs Variable costs $ 92,500 Fixed costs 178,500 Total costs $271,000 Cost per unit Variable cost per unit $ 185.00 Fixed cost per unit 357.00 Total cost per unit $ 542.00 $129,500 178,500 $308,000 $157,250 178,500 $335, 750 $ 185.00 255.00 $ 440.00 $ 185.00 210.00 $395.00 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 $750 per Canoe Scenario 2 Increase Scenario 3 Sales Price and Decrease Fixed Variable Cost per Unit by 10 Percent Cost by 20 Percent $ 511.50 $ 465.00 71.54 % | 71.54 % Unit Contribution Margins Contribution Margin Ratio 565.00 75.33 % Required: Complete the Riverside's contribution margin income statement for each independ scenario. Assuming each scenario is a variation of Riverside's original data. (Round unit contribution margin and contribution margin ratio to 2 decimal places (I.e. 12 should be entered as 12.34%) and all other answers to the nearest dollar amount. Scenario 1 Raises Sales Price to $750 per Canoe Scenario 3 Decrease Fixed Cost by 20 Percent Scenario 2 Increase Sales Price and Variable Cost per Unit by 10 Percent $ 511.50 71.54% [ $ $ Unit Contribution Margin Contribution Margin Ratio 565.00 75.33 % 465.00 71.54 % Contribution Margin Income Statement Contribution Margin Net Operating Income