The following costs result from the production and sale of 4,550 drum sets manufactured by Tight Drums Company for the year ended December 31, 2017. The drum sets sell for $305 each. The company has a 40% income tax rate. Variable production costs Plastic for casing Wages of assembly workers Drum stands 127,400 423,150 168,350 Variable selling costs Sales commissions 118, 300 Fixed manufacturing costs Taxes on factory Factory maintenance 9,500 19,000 79,000 Factory machinery depreciation Fixed selling and administrative costs Lease of equipment for sales staff Accounting staff salaries Administrative management salaries 19,000 69,000 149,000 Required: 1. Prepare a contribution margin income statement for the company 2. Compute its contribution margin per unit and its contribution margin ratio. Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare a contribution margin income statement for the company. TIGHT DRUMS COMPANY Contribution Margin Income Statement For Year Ended December 31, 2017 Sales Variable costs Required Required 2 Prepare a contribution margin income statement for the company. TIGHT DRUMS COMPANY Contribution Margin Income Statement For Year Ended December 31, 2017 Sales Variable costs Total variable costs Contribution margin Fixed costs Total fixed costs Required 2> 2. Compute its contribution margin per unit and its contribution margin ratio. Complete this question by entering your answers in the tabs below. Required Required 2 Compute its contribution margin per unit and its contribution margin ratio. (Round Contribution margin ratio to nearest percentage.) TIGHT DRUMS COMPANY Contribution Margin Income Statement (partial) For Year Ended December 31, 2017 Per Unit Sales Variable costs: Total variable costs Contribution margin