The following costs result from the production and sale of 4,150 drum sets manufactured by Tight Drums Company for the year ended December 31, 2019. The drum sets sell for $265 each. The company has a 40% Income tax rate. Variable production costs Plastic for casing Wages of assembly workers Drum stands Variable selling costs Sales commissions $ 83,000 352,750 120,350 74,7001 Fixed manufacturing costs Taxes on factory 11,500 Factory maintenance. 23,000 Factory machinery depreciation 83,000 Fixed selling and administrative costs Lease of equipment for sales staff 23,000. Accounting staff salaries Administrative management salaries 73,000 153,000 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 1 Required 2 Required 31 Prepare a contribution margin income statement for the year