E6-5 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 for it follows: Required: 1. Complete the following table. (Round your "Cost per Unit" answers to 2 decimal places.) 470 600 700 Number of Canoes Produced and Sold Total costs $ 68,620 152,750 221,370 $ S OS 0 Variable Costs Fixed Costs Total Costs Cost per Unit Variable Cost per Unit Fixed Cost per Unit Total Cost per Unit $ 0.00 $ 0.00 $ 0.00 2. Suppose Sandy Bank sells its canoes for $560 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. (i.e. .1234 should be entered as 12.34%.)) per Canoe Unit Contribution Margin Contribution Margin Ratio 3. This year Sandy Bank expects to sell 830 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 4. Calculate Sandy Bank's break-even point in units and in sales dollars. (Round final answers to the nearest whole number). Break-Even Units Canoes Break-Even Sales Revenue 5. Suppose Sandy Bank wants to earn $82,000 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