riable Cost Ratio, Contribution Margin Ratio Instructions nstructions Amount Descriptions Ratios Contribution Margin Income Statement Head-First Company plans to sell 5,800 bicycle helmets at $67 each in the coming year. Unit variable cost is $39.53 (includes direct materials, direct labor, vanable factory overhead, and variable selling expense) Fixed factory overhead is $21,000 and fixed selling and administrative expense is $29,200 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 X Ratio Instructions Amount Descriptions Ratios Instructions He sel Amount Descriptions Contribution Margin Income Statement Refer to the list below for the exact wording of text items within your income statement Amount Descriptions Operating income Operating loss Sales Total contribution margin Total fixed cost Total variable cost E X (in xt to the ructions Descriptions Ratios Co He sel Amount Descriptions Re Ratios 1. Calculate the variable cost ratio. Variable cost ratio 2. Calculate the contribution margin ratio. Contribution margin ratio % % Variable Cost Ratio, Contribution Margin Ratio Instructions Amount Descriptions Ratios Contribution Margin Income Statement Instructions Amount Descriptions He Ratios Contribution Margin Income Statement includes direct materials, direct labor, variable factory overhead, and variat 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 Head-First Company Contribution Margin Income Statement For the Coming Year Percent of Sales