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, 2019. The drum sets sell for $500 each. The company has a 25% income tax rate. Variable production costs Plastic for casing Nages of assembly workers Drum stands Variable selling costs Sales commissions $ 17,000 82,000 26,000 15,000 Fixed manufacturing costs Taxes on factory 5,000 Factory maintenance 10,000 Factory machinery depreciation 40,000 Fixed selling and administrative costs Lease of equipment for sales staff 10,000 35,000 125,000 Accounting staff salaries Administrative management salaries 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? Complete this question by entering your answers in the tabs below. Required 11 Required 21 Required 3 Prepare a contribution margin income statement for the year. TIGHT DRUMS COMPANY Contribution Margin income Statement For Year Ended December 31, 2019) Required 2 Required Prepare a contribution margin income statement for the year. TIGHT DRUMS COMPANY Contribution Margin Income Statement For Year Ended December 31, 2019 Sales Variable costs: Plastic for casing 17,000 Drum stands 26,000 Wages of assembly workers 82,000 $ 500,000 Sales commissions Total variable costs 15,000 140,000 Contribution margin Fixed costs Taxes on factory 5,000 Factory machinery depreciation 40,000 Factory maintenance 10,000 Lease of equipment for sales staff 10,000 Accounting staff salaries 35,000 Administrative management salaries 125,000 Total fixed costs 225,000 Pretax income Income tax Net income Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute its contribution margin per unit and its contribution margin ratio. TIGHT DRUMS COMPANY Contribution Margin Income Statement (partial) For Year Ended December 31, 2019 Sales Variable costs: Total variable costs Contribution margin Per Unit < Required 1 Required 3 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 each dollar of sales, how much is left to cover fixed costs and contribute to operating income