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: Riverside sells its canoes for $750 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 (1.e. 0.1234 should be entered as 12.34\%) and all other onswers to the nearest dollar amount. \begin{tabular}{|c|c|c|c|} \hline \multirow[b]{2}{*}{ Unit contribution margin } & \begin{tabular}{c} Scenario 1 Raises \\ Sales Price to $850 \\ per Canoe \end{tabular} & \begin{tabular}{l} Scenario 2 Increase \\ Sales Price and \\ Variable Cost per \\ Unit by 10 Percent \end{tabular} & \begin{tabular}{c} Scenario 3 \\ Decrease Fixed \\ Cost by 20 Percent \end{tabular} \\ \hline & & & ? \\ \hline Contribution margin ratio & % & % & % \\ \hline \multicolumn{4}{|c|}{ Contribution Margin Income Statement } \\ \hline \multicolumn{4}{|l|}{ Sales revenue } \\ \hline \multicolumn{4}{|l|}{ Variable costs } \\ \hline P & & 7 & \\ \hline - & & 5 & \\ \hline \multicolumn{4}{|l|}{ Contribution margin } \\ \hline \multicolumn{4}{|l|}{ Fixed costs } \\ \hline F & & 7 & \\ \hline & & & \\ \hline Net operating income & & & \\ \hline \end{tabular}