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 cances Produced and sold 550 750 900 Total costs Variable costs $112,750 $153, 750 $184,500 Fixed costs 148,500 148,500 148,500 Total costs $261,250 $302,250 $333,000 Cost per unit Variable cost per unit $ 205.00 $ 205.00 $ 205.00 Fixed cost per unit 270.00 198.00 165.00 Total cost per unit $ 475.00 $ 403.00 $ 370.00 ces Riverside sells its canoes for $550 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 (ie. 1234 should be entered as 12.34%) and all other answers to the nearest dollar amount.) Scenario 1 Raises Sales Price to $650 per Canoe Scenario 3 Decrease Fixed Cost by 20 Percent Scenario 2 Increase Sales Price and Variable Cost per Unit by 10 Percent $ 379.50 62.73% $ 445.00 $ Unit Contribution Margin Contribution Margin Ratio 345.00 62.73 % 68.46 % Contribution Margin Income Statement Contribution Margin $ 445,000 $ 379,500 $ 345,000 Fixed Costs 118,800 148,500 296,500 148,500 231,000 Net Operating Income $ $ $ 226,200 Cost of Goods Sold Fixed Costs Gross Margin 445,000 Interest Expense Net Income After Taxes 148,500 Net Operating Income $ 296,500 Sales Revenue Variable Costs IN