Problem $18-2$A $($Algo$)$ Contribution margin income

statement and contribution margin ratio LO A$1$ The

following costs result from the production and sale of

$4,900$ drum sets manufactured by Tight Drums

Company for the year ended December $31.$ The drum

sets sell for $$340$ each. Variable costs Plastic for casing $

$171,500$ Wages of assembly workers $490,000$ Drum

stands $215,600$ Sales commissions $161,700$ Fixed costs

Taxes on factory $6,000$ Factory maintenance $12,000$

Factory machinery depreciation $72,000$ Lease of

equipment for sales staff $12,000$ Accounting staff

salaries $62,000$ Administrative salaries $142,000$

Required: $1.$ Prepare a contribution margin income

statement for the year. $2.$ Compute contribution margin

per unit and contribution margin ratio. $3.$ For each

dollar of sales, how much is left to cover fixed costs and

contribute to income?

don't use ai answer