4 Problem 05-1A Contribution margin income statement and contribution margin ratio LO A1 111 points 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, 2019. The drum sets sell for $305 each. The company has a 40% Income tax rate. 02:00:31 5127,400 423,150 168,350 118,300 floor Variable production costo Plastle for casing Hagen of assembly workere Drum standa Variable selling costs tales commissione Fixed manufacturing conta Taxoo on factory Tactory maintenance Tactory machinery depreciation Tixed selling and administrative conta Lease of equipment for sales statt Accounting statt salarios Adminiatrative management salaries Print 9.500 19.000 79,000 19.000 69,000 149,000 References Required: 1. Prepare a contribution margin income statement for the year, 2. Compute its contribution margin per unit and its contribution margin ratio 3. For each dollar of sales, how much is left to cover fixed costs and contribute to operating income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a contribution margin income statement for the year. MC 4 NYUCU Encu GYU Prepare a contribution margin income statement for the year. 1.11 points TIGHT DRUMS COMPANY Contribution Margin Income Statement For Yoar Endod Docember 31, 2019 X 02:08:03 Sales Variable costs: eBook Print Total variable costs Contribution margin Fixed costs References Total fixed costs 2. Compute its contribution margin per unit and its contribution margin ratio. 3. For each dollar of sales, how much is left to cover fixed costs and contribute to operating income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute its contribution margin per unit and its contribution margin ratio. (Round Contribution margin ratio to nearest whole percentage.) TIGHT DRUMS COMPANY Contribution Margin Income Statement (partial) For Year Ended December 31, 2019 Per Unit Sales Variable costs: Total variable costs Contribution margin 7 $127,400 423,150 168,350 118,300 Variable production costs Plaatie for casing Wages of assembly workers Drum stands Variable selling costs Sales commissions Fixed manufacturing conta Taxes on factory Factory maintenance Factory machinery depreciation Fixed selling and administrative conta Toate of equipment for salontaf Accounting staff salaries Administrative management salaries 2:07:28 9,500 19,000 79,000 19,000 69,000 149,000 OOK Required: 1. Prepare a contribution margin income statement for the year. 2. Compute its contribution margin per unit and its contribution margin ratio. 3. For each dollar of sales, how much is left to cover fixed costs and contribute to operating Income? ences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 For each dollar of sales, how much is left to cover fixed costs and contribute to operating income? (Round your answer to 2 decimal places.) For each dollar of sales, how much is left to cover faed costs and contribute to operating income? 4 NYUCU Encu GYU Prepare a contribution margin income statement for the year. 1.11 points TIGHT DRUMS COMPANY Contribution Margin Income Statement For Yoar Endod Docember 31, 2019 X 02:08:03 Sales Variable costs: eBook Print Total variable costs Contribution margin Fixed costs References Total fixed costs 2. Compute its contribution margin per unit and its contribution margin ratio. 3. For each dollar of sales, how much is left to cover fixed costs and contribute to operating income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute its contribution margin per unit and its contribution margin ratio. (Round Contribution margin ratio to nearest whole percentage.) TIGHT DRUMS COMPANY Contribution Margin Income Statement (partial) For Year Ended December 31, 2019 Per Unit Sales Variable costs: Total variable costs Contribution margin 7 $127,400 423,150 168,350 118,300 Variable production costs Plaatie for casing Wages of assembly workers Drum stands Variable selling costs Sales commissions Fixed manufacturing conta Taxes on factory Factory maintenance Factory machinery depreciation Fixed selling and administrative conta Toate of equipment for salontaf Accounting staff salaries Administrative management salaries 2:07:28 9,500 19,000 79,000 19,000 69,000 149,000 OOK Required: 1. Prepare a contribution margin income statement for the year. 2. Compute its contribution margin per unit and its contribution margin ratio. 3. For each dollar of sales, how much is left to cover fixed costs and contribute to operating Income? ences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 For each dollar of sales, how much is left to cover fixed costs and contribute to operating income? (Round your answer to 2 decimal places.) For each dollar of sales, how much is left to cover faed costs and contribute to operating income?