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A traveling production of The Phantom of the Opera performs each year. The average show sells 1,100 tickets at $50 a ticket. There are 110 shows each year. The show has a cast of 70, each earning an average of $300 per show. The cast is paid only after each show. The other variable expense is program printing costs of $9 per guest. Annual fixed expenses total $915,800. Read the requirements. Requirement 1. Compute revenue and variable expenses for each show. The revenue for each show is The variable expenses for each show are Requirement 2. Use the income statement equation approach to compute the number of shows needed annually to break even. Begin by determining the basic income statement equation. Operating income Using the basic income statement equation you determined above, solve for the number of shows to breakeven. The number of shows needed annually to break even is Requirement 3. Use the shortcut unit contribution margin approach to compute the number of shows needed annually to earn a profit of $1,397,800 Is this goal realistic? Give your reason. Begin by selecting the formula Target # of shows Using the equation you determined above, solve for the target number of shows. The number of shows nooded annually to eam a profit of $1,397,800 is The profit goal of $1,397,800 IS since The Phantom of the Opera currently performs 110 shows a year. Requirement 4. Prepare The Phantom of the Opera's contribution margin income statement for 110 shows each year. Report only two categories of expenses: variable and fixed. The Phantom of the Opera Contribution Margin Income Statement Year Ended December 31 1. Compute revenue and variable expenses for each show. 2. Use the income statement equation approach to compute the number of shows needed annually to break even. 3. Use the shortcut unit contribution margin approach to compute the number of shows needed annually to earn a profit of $1,397,800 Is this goal realistic? Give your reason. 4. Prepare The Phantom of the Opera's contribution margin income statement for 110 shows each year. Report only two categories of expenses: variable and fixed. - - at Contribution margin d. Fixed expenses h Number of shows nu Sales revenue Variable expenses