E5-16 Calculating Contribution Margin and Contribution Ratio, Preparing Contribution Margin Income Statement [LO 5-5] Riverside Inc. makes one model of wooden canoe. Partial information for it follows: Number of Canoes Produced and Sold 450 650 800 Total costs Variable costs 5.72,000 $104,000 $128.000 Fixed costs 187,200 187 200 187 200 Total costs $259,200 $ 201,200 $315.200 Cost per unit Variable cost per unit $ 100.00 $ 100.00 $160.00 Fixed cost per unit 416.00 288 00 234.00 Total cost per unit $ 576,00 $ 448.00 $ 394 do Riverside sells its canoes for $680 each. Next year Riverside expects to sell 1,000 cances Riverside sells its canoes for $680 each. Next year Riverside expects to sell 1,000 canoes. Required: Complete the Riverside's contribution margin income statement for each independent scenario. Assuming each scenario is a variation of Riverside's original data. (Round your unit contribution margin and contribution margin ratio to two decimal places (.e. 1234 should be entered as 12,34%) and all other answers to the nearest dollar amount.) Scenario 1 Raises Sales Price to $780 per Canoe Scenario 2 Increase Sales Price and Variable Cost per Unit by 10 Percent Scenario 3 Decrease Fixed Cost by 20 Percent $ $ $ Unit Contribution Margin Contribution Margin Ratio 620.00 79.49 572.00 76.47% 520.00 476.47% Contribution Margin Income Statement Sales Revenue Variable Costs Contribution Margin Fixed Costs Net Operating Income