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: Number of Canoes Produced and Sold 400 600 750 Total costs Variable costs Fixed costs Total costs $ 50,000 90,000 $140,000 $ 75,000 $93,750 Cost per unit Variable cost per unit Fixed cost per unit Total cost per unit $ 125.00 225.00 $ 350.00 90,000 $165,000 $125.00 150.00 $275.00 $ 245.00 90,000 $183,750 $ 125.00 120.00 Riverside sells its canoes for $430 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.) Unit Contribution Margin Contribution Margin Ratio Scenario 1 Raises Sales Price to $530 per Canoe 405.00 0.76 % Scenario 2 Increase Sales Price and Variable Cost per Unit by 10 Percent Contribution Margin Income Statement % Scenario 3 Decrease Fixed Cost by 20 Percent % Variable Costs 125,000 < Prev 7 of 8 Next > Cost per unit Variable cost per unit Fixed cost per unit Total cost per unit $ 125.00 $ 125.00 225.00 150.00 $ 350.00 $ 275.00 $ 125.00 120.00 $ 245.00 Riverside sells its canoes for $430 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.) Scenario 1 Raises Sales Price to $530 per Canoe Scenario 2 Increase Sales Price and Variable Cost per Scenario 3 Decrease Fixed Unit by 10 Percent Cost by 20 Percent Unit Contribution Margin Contribution Margin Ratio $ 405.00 0.76 % Contribution Margin Income Statement Variable Costs $ 125,000 Contribution Margin $ 95,000 Net Operating Income % %