Cost Behovior 5-5 E5-17 Determining Cost Behavior, Preparing Contribution Margin Income Statement Required: 1. Complete the preceding table. variable costs for Riverside. 3. Suppose Riverside sells its canoes for $500 esch. Calculate the contribution margin per canoe and the contribution margin ratio. 4. Next year Riverside expects to sell 700 canoes. Prepare a contribution margin income statement for the company. 5-5 E5-18 Calculating Contribution Margin and Contribution Ratio, Preparing Contribution Margin Income Statement Refer to the information presented in E5-17 for Riverside. Each of the following scenarios is a variation of Riverside's original data. Required: Prepare Riverside's contribution margin income statement for each independent scenario. 1. Riverside raises the sales price to $600 per canoe. 2. Both sales price and variable cost per unit increase by 10 percent. 3. Riverside cuts its fixed cost by 20 percent. E5-17 Determining Cost Behavior, Preparing Contribution Margin Income statement Required: 1. Complete the preceding table. variable costs for Riverside. 3. Suppose Riverside sells its canoes for $500 each. Calculate the contribution margin per cance and the contribution margin ratio. 4. Next year Riverside expects to sell 700 canoes. Prepare a contribution margin income stateme for the company