The following costs result from the production and sale of 1,000 drum sets manufactured by Tight Drums Company for the year ended December 31 The drum sets sell for $500 each 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 fored costs and contribute to income? TIGHT DRUMS COMPANY Contribution Margin Income Statement For Year Ended December 31 TIGHT DRUMS CQMPANY Contribution Margin Income Statement (partial) For Year Ended December 31 \begin{tabular}{|l|l|l|} \hline Sales & & \\ \hline Variable costs: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total variable costs & & \\ \hline Contribution margin & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} For each dollar of sales, how much is left to cover fixed costs and contribute to income