The following costs result from the production and sale of 4,850 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $335 each Variable costs Plastic for casing $164,900 Wages of assenbly workers 480,15e Drus stands 268,550 Sales commissions 155,200 Fixed costs Taxes on factory 6,500 Factory maintenance 13,000 Factory machinery depreciation 73,000 Lease of equipment for sales staff 13,000 Accounting staff salaries 63.000 Administrative salaries 143,000 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Prepare a contribution margin income statement for the year TIGHT DRUMS COMPANY