The following costs result from the production and sale of 4,900 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $340 each, 5 171,500 490,000 215,600 161,700 Variable costs plastic for eaning Wages of assembly workers Drum stands Sales commissions Fixed costs Taxes on factory Factory maintenance Pactory machinery depreciation teose of equipment for sales start Accounting staff salaries Administrative salaries 6.000 12.000 72.000 12.000 62,000 142,000 Required: 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? Prepare a contribution margin income statement for the year TIGHT DRUMS COMPANY Contribution Margin Income Statement For Year Ended December 31 Sales Variable costs Contribution margin Faced costs Income Required 1 Required 2 Required 3 Compute contribution margin per unit and contribution margin ratio. (Round Contribution margin ratio to nearest whole percentage) $ Contribution margin per unit Contribution margin ratio 128 38% Required Required 2 Required For each dollar of sales, how much is left to cover ved costs and contribute to income? (Round your answer to 2 decimal places) For each dollar of how much is to covered costs and contribute to income