The following costs result from the production and sale of 4,700 drum sets manufactured by Tight Drums Company for the year ended December 31, 2019. The drum sets sell for $320 each. The company has a 35% income tax rate. Taxes on factory Variable production costs Plastic for casing Wages of assembly workers Drum stands Variable selling costs Sales commissions Fixed manufacturing costs Factory maintenance $145,700 451,200 188,000 136,300 8,000 16,000 Factory machinery depreciation 76,000 Fixed selling and administrative costs Lease of equipment for sales staff 16,000 Accounting staff salaries Administrative management salaries 66,000 146,000 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? Required 1 Required 2 Required 3 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: Total variable costs Contribution margin Fixed costs Total fixed costs