E5-19 (Algo) 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: Total costs Variable costs Number of Canoes Produced and Sold 500 700 850 $ 90,000 $125,000 119,000 $209,000 $153,000 119,000 119,000 $245,000 $272,000 Fixed costs Total costs Cost per unit Variable cost per unit Fixed cost per unit Total cost per unit $ 180.00 $ 180.00 $180.00 238.00 170.00 $ 418.00 $ 350.00 140.00 $320.00 Riverside sells its canoes for $500 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 2 decimal places (i.e. .1234 should be entered as 12.34%) and all other answers to the nearest dollar amount.) 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 2 decimal places (i.e. .1234 should be entered as 12.34%) and all other answers to the nearest dollar amount.) Scenario 1 Raises Sales Price to $600 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 Contribution Margin Net Operating Income % Contribution Margin Income Statement % %