E6-5 (Algo) Calculating Contribution Margin and Contribution Margin Ratio; Identifying Break-Even Point, Target Profit [LO 6-1, 6-2] Sandy Bank, Inc., makes one model of wooden canoe. Partial information is given below. Required: 1. Complete the following table. 2. Suppose Sandy Bank sells its canoes for $580 each Calculate the contribution margin per canoe and the contribution margin ratio 3. This year Sandy Bank expects to sell 760 canoes. Prepare a contribution margin income statement for the company 4. Calculate Sandy Bank's break-even point in units and in sales dollars. 5. Suppose Sandy Bank wants to earn $66,000 profit this year. Calculate the number of canoes that must be sold to achieve this target Required 1 Required 2 Required 3 Required 4 Required 5 Complete the following table. (Round your "Cost per Unit" answers to 2 decimal places.) 410 560 790 Number of Canoes Produced and Sold Total costs Variable Costs Fixed Costs $ 63,960 134,480 198.440 $ 0 0 $ Total Costs Cost per Unit Variable Cost per Unit Fixed Cost per Unit Total Cost per Unit 0.00 S 0.00 $ 0.00 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Suppose Sandy Bank sells its canoes for $580 each. Calculate the contribution margin per canoe and the contribution margin ratio. (Round your intermediate calculations and final answers to 2 decimal places. Round your "percentage" answer to 2 decimal places. (...1234 should be entered as 12.34%.)) Unit Contribution Margin Contribution Margin Ratio per Canoe Required 1 Required 2 FREE Required 3 Required 4 Required 5 This year Sandy Bank expects to sell 760 canoes. Prepare a contribution margin income statement for the company. (Round your intermediate calculations to 2 decimal places.) SANDY BANK, Inc Contribution Margin Income Statement For the Current Year Contribution Margin Income from Operations Required 1 Required 2 Required 3 Required 4 Required 5 Calculate Sandy Bank's break-even point in units and in sales dollars. (Round final answers to the nearest whole number.) Break-Even Units Break-Even Sales Revenue Canoes Required 1 Required 2 Required 3 Required 4 Required Suppose Sandy Bank wants to earn $66,000 profit this year. Calculate the number of canoes that must be sold to achieve this target. (Round Unit Contribution Margin to 2 decimal places. Round your answer to the next whole number.) Target Sales Units Canoes