Problem 18-1A Contribution margin income statement and contributlon margin ratlo LO A1 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, 2017. The drum sets sell for $340 each. The company has a 35% income tax rate. Variable production costs Plastic for casing Wages of assembly workers $171,5ee 490,eee Drum stands 215,60e Variable selling costs Sales commissions 161,70e Fixed manufacturing costs Taxes on factory Factory maintenance Factory machinery depreciation Fixed selling and administrative costs Lease of equipment for sales staff Accounting staff salaries Administrative management salaries 6,eee 12,eee 72,eee 12,e00 62,e00 142,eee Required: 1. Prepare a contribution margin income statement for the company. 2. Compute its contribution margin per unit and its contribution margin ratio Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution margin income statement for the company. TIGHT DRUMS COMPANY Contribution Margin Income Statement For Year Ended December 31, 2017 Sales Variable costs Total variable costs Contribution margin Fixed costs Total fixed costs Required 2 Required 1 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute its contribution margin per unit and its contribution margin ratio. (Round Contribution margin ratio to nearest whole percentage.) TIGHT DRUMS COMPANY Contribution Margin Income Statement (partial) For Year Ended December 31, 2017 Per Unit Sales Variable c0sts Total variable costs Contribution margin Required 2> Required 1