Head-First Company plans to sell 5,100 bicycle helmets at $78 each in the coming year. Unit variable cost is $48.36 (includes direct materials, direct labor, variable factory overhead, and variable selling expense). Fixed factory overhead is $19,000 and fixed selling and administrative expense is $29,900. Amount Descriptions Required: 1. Calculate the variable cost ratio. 2. Calculate the contribution margin ratio. Refer to the list below for the exact wording of text items within your income statement. 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. Amount Descriptions Contribution Margin Income Statement Operating income Operating loss Sales Total contribution margin 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 of Amount Descriptions for the exact wording of text items within your income statement Total fixed expense Total variable expense Head-First Company Contribution Margin Income Statement For the Coming Year Percent of Sales 2 3