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Problem $3-17$A $($Algo$)$ Determining the break$-$even point and preparing a contribution margin income statement LO $3-1$

Ritchie Manufacturing Company makes a product that it sells for $$150$ per unit. The company incurs variable manufacturing costs of $$67$ per unit. Variable selling expenses are $$14$ per unit, annual fixed manufacturing costs are $$454,000,$ and fixed selling and administrative costs are $$277,400$ per year.

Required

Determine the break$-$even point in units and dollars using each of the following approaches:

a$.$ Use the equation method.

b$.$ Use the contribution margin per unit approach.

c$.$ Use the contribution margin ratio approach.

d$.$ Prepare a contribution margin income statement for the break$-$even sales volume.