l Sprint ? 9:27 PM 56%-. P20-38A Calculating break even sales and sales to earn a target profit; pre- paring a contribution margin in- come statement 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 aver age 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 Requirements l Sprint ? 9:27 PM 56%-. 1. Compute revenue and variable costs for each show. 2. Use the equation approach to compute the number of shows England Produc- tions must perform each year to break even 3. Use the contribution mar- gin ratio approach to com- pute the number of shows needed each year to earn a profit of $5,687,500. Is this profit goal realistic? Give your reasoning 4. Prepare England Produc- tions's contribution mar- gin income statement for 175 shows performed in 2018. Report only two cat- l Sprint ? 9:30 PM 54% to compute the number of shows England Produc- tions must perform each vear to break even 3. Use the contribution mar- gin ratio approach to com- pute the number of shows needed each vear to earn a profit of $5,687,500. Is this profit goal realistic? Give your reasoning Prepare England Produc- tions's contribution mar- gin income statement for 175 shows performed in 2018. Report only two cat- egories of costs: variable and fixed CM $7,962,500 4