E5-18 (Algo) Calculating Contribution Margin and Contribution Ratio, Preparing Contribution Margin Income Statement [LO 5-5] Riverside Incorporated makes one model of wooden canoe. Partial information for it follows: Number of Canoes Produced and Sold Total costs Variable costs Fixed costs Total costs Cost per unit Variable cost per unit Fixed cost per unit Total cost per unit $ 104,000 187,200 $ 291,200 450 650 $ 72,000 187,200 $ 259,200 $ 160.00 416.00 $ 160.00 288.00 $ 576.00 $ 448.00 800 $ 128,000 187,200 $ 315,200 $ 160.00 234.00 $ 394.00 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. Note: Round your unit contribution margin and contribution margin ratio to 2 decimal places (i.e. 0.1234 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 Unit contribution margin Contribution margin ratio % Contribution Margin Income Statement Contribution margin Net operating income % Scenario 3 Decrease Fixed Cost by 20 Percent %