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 $590 each. Calculate the contribution margin per canoe and the contribution margin ratio. 3. This year Sandy Bank expects to sell 840 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 $76,000 profit this year. Calculate the number of canoes that must be sold to achieve this target. 5 Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Required 5 Complete the following table. (Round your "Cost per Unit" answers to 2 decimal places.) 410 580 740 Number of Canoes Produced and Sold Total costs Variable Costs Fixed Costs $ 58 220 133,660 Tatal rnote 101 an n Required 1 Required 2 Required 3 Required 4 Required 5 Complete the following table. (Round your "Cost per Unit" answers to 2 decimal places.) 410 580 740 $ Number of Canoes Produced and Sold Total costs Variable Costs Fixed Costs Total Costs Cost per Unit Variable Cost per Unit Fixed Cost per Unit Total Cost per Unit 58,220 133,660 191,880 $ $ 0 $ 0 0.00 $ 0.00 $ S0.00 Required Required 2 > Required 1 Required 2 Required 3 Required 4 Required 5 Suppose Sandy Bank sells its canoes for $590 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 Edecimal places. l.e. .1234 should be entered as 12.34%.)) Unit Contribution Margin Contribution Margin Ratio per Canoe % Required 1 Required 2 Required 3 Required 4 Required 5 This year Sandy Bank expects to sell 840 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.) Canoes Break-Even Units Break-Even Sales Revenue Required 1 Required 2 Required 3 Required 4 Required 5 Suppose Sandy Bank wants to earn $76,000 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
