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: 550 750 900 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 $107,250 247,500 $354,750 $ 146,250 247,500 $ 393,750 $175,500 247,500 $423,000 $ 195.00 450.00 $ 645.00 $ 195.00 $ 195. 330.00 275.00 $ 525.00 $470.00 Riverside sells its canoes for $750 each. Next year Riverside expects to sell 1000 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.) 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. (Round your unit contribution margin and contribution margin ratio to 2 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 $850 per Canoe Scenario 3 Decrease Fixed Cost by 20 Percent Scenario 2 Increase Sales Price and Variable Cost per Unit by 10 Percent $ 825 00 74.00% $ $ Unit Contribution Margin Contribution Margin Ratio 655.00 7706% 750 00 74.00% Sales Revenue Variable Costs Contribution Margin Income Statement $ 850,000 195,000 $ Contribution Margin Fixed Costs 655,000 247.500 Net Operating Income $ 407,500