The following costs result from the production and sale of 4,250 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $275 each. Variable costs Plastic for casing Wages of assembly workers Drum stands Sales commissions Fixed costs Taxes on factory Factory maintenance Factory machinery depreciation Lease of equipment for sales staff Accounting staff salaries Administrative salaries Required: $ 93,500 369,750 131,750 85,000 12,500 25,000 85,000 25,000 75,000 155,000 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 fixed costs and contribute to income?