Head First Company plans to sell 4,700 bicycle helmets at $75 each in the coming year. Unt variable cost is $45.75 (includes direct materials, direct labor, variable factory overhead, and variable selling expense). Fixed factory overhead is $21,000 and fixed selling and administrative expense is $28,700 Required 1. Calculate the variable cost ratio. 2. Calculate the contribution margin ratio 3. Prepare a contribution margin income statement based on the budgeted figures for next year in a column next to the income statement show the percentages based on sales for sales, total variable cost and total contribution margin Refer to the list below for the exact wording of text items within your income statement 1. 2. Amount Descriptions Operating income 3. Operating loss Sales Total contribution margin Total fixed cost Total variable cost an 1. Calculate the variable cost ratio. n you Variable cost ratio 61% 2. Calculate the contribution margin ratio. Contribution margin ratio 39% 3. Prepare a contribution margin income statement based on the budgeted figures for next year. In a cour next to the income statement show the percentages based on sales for sales, total variable cost, and total contribution margin. Refer to the list of Amount Descriptions for the exact wording of text items within your income statement, Head-First Company Contribution Margin Income Statement For the Coming Year Percent of Sales Sales 1 Total variable cost Total contribution margin Operating loss Operating income