The following costs result from the production and sale of 4150 drum sets manufactured by Tight Drums Company for the year ended December 31, 2017. 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 Drun stands $ 83,808 352,758 128,350 Variable selling costs Sales commissions 74,788 Fixed nanufacturing costs Taxes on factory Factory maintenance Factory machinery depreciation 11,580 23,888 83,808 Fixed selling and adninistrative costs Lease of equipment for sales staff Accounting staff salaries Administrative nanagement salaries 23 , 73 , 153,800 Required: 1. Prepare a contribution margln Income statement for the company. 2. Compute Its contribution margin per unlt 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. T DRUMS Contribution Margin Income Statement For Year Ended 31, 2017 Sales 1,099,750 Varia ble costs: Plastic for casing Wages of assembly workers Drum stands Sales commissions 83,000 352,750 120,350 74,700 Total variable costs Contribution margin Fixed costs 630,800 Taxes on factory Factory maintenance Factory machinery depreciation Lease of equipment for sales staf Accounting staff salaries Administrative management salaries 11,500 23.000 83,000 23.000 3,000 153.000 Total fixed costs 368.500 Inoome tax Net income