England Productions performs London shows. The average show sells 1,300 tickets at $60 per ticket. There are 175 shows per year. No additional shows can be held as the theater is also used by other production companies. The average show has a cast of 65, each earning a net average of $340 per show. The cast is paid after each show. The other variable cost is a program-printing cost of $8 per guest. Annual fixed costs total $728,000. Read the requirements X Requirement 1. Compute revenue and variable costs for each show. Select the formula and enter the amounts to compute sales revenue for each show. Number of units sold * Net sales revenue per unit = Sales revenue per show $ 1,300 60 = $ 78,000 Select the formula and enter the amounts to compute variable costs for each show. Compute the variable costs per show for each cost separately, and then compute the total variable costs per show. Number of units Variable costs per unit = Variable costs per show Cost of programs $ 1,300 8 = $ 10,400 Cost of performers $ 65 340 S 22,100 Total variable costs S 32,500 Requirement 2. Use the equation approach to compute the number of shows England Productions must perform each year to break even. First, select the formula to compute the required sales in units to break even. = Target profit * Requirements X 1. Compute revenue and variable costs for each show. 2. Use the equation approach to compute the number of shows England Productions must perform each year to break even. 3. Use the contribution margin ratio approach to compute the number shows needed each year to earn a profit of $5,687,500. Is this profit goal realistic? Give your reasoning. 4. Prepare England Productions's contribution margin income statement for 175 shows performed in 2018. Report only two categories of costs: variable and fixed. Print Done