Famous Productions performs London shows. The average show sells 900 tickets at $65 per ticket. There are 115 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 55, each earning a net average of $330 per show. The cast is paid after each show. The other variable cost is a program-printing cost of $9 per guest. Annual fixed costs total $580,500. Read the requirements. 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 X Net sales revenue per unit = Sales revenue per show = $ 58,500 900 65 X 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 900 = $ 8,100 Cost of performers $ 55 18,150 Total variable costs $ 26,250 X 330 $ 18 X Requirement 2. Use the equation approach to compute the number of shows Famous Productions must perform each year to break even. First, select the formula to compute the required sales in units to break even. Net sales revenue Variable costs Fixed costs = Target profit Rearrange the formula you determined above and compute the required number of shows to break even. The number of shows needed annually to break even is 18. Requirement 3. Use the contribution margin ratio approach to compute the number of shows needed each year to earn a profit of $4,128,000. Is this profit goal realistic? Give your reasoning. Begin by showing the formula and then entering the amounts to calculate the required sales dollars to earn a profit of $4,128,000. (Round the required sales in dollars to the nearest whole dollar. Round amounts in the formula to two decimal places, XX.XX. Abbreviation used: CM = contribution margin.) ( Fixed costs + Target profit ) CM ratio = Required sales in dollars ( 580,500 + 4,128 ) D % =D