The following costs result from the production and sale of 5,000 drum sets manufactured by Tight Drums Company for the year ended December 31, 2019. The drum sets sell for $350 each. The company has a 25% income tax rate. $ 195,000 510,000 230,000 125,000 Variable production costs Plastic for casing Wages of assembly workers Drum stands Variable selling costs Sales comissions 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 5.000 10,000 70,00 10,000 60,000 140,000 Contribution Margin Income Statement For Year Ended December 31, 2019 Sales Variable costs Total variable costs Contribution margin Fixed costs Total fixed costs TIGHT DRUMS COMPANY Contribution Margin Income Statement (partial) For Year Ended December 31, 2019 Per Unit Sales Variable costs Total variable costs Contribution margin For each dollar of sales, how much is left to cover fixed costs and contribute to operating income? (Round your answer to 2 decimal places.) For ench dollar of sales, how much is lon to cover fixed costs and contribute to operating income Required: 1. Prepare a contribution margin income statement for the year 2. Compute its contribution margin per unit and its contribution margin ratio. 3. For each dollar of sales, how much is left to cover fixed costs and contribute to operating income