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: 700 850 Number of Canoes Produced and Sold 500 Total costs Variable costs $ 82,500 Fixed costs 178,500 Total costs $261,000 Cost per unit Variable cost per unit $ 165.00 Fixed cost per unit 357.00 Total cost per unit $ 522.00 $115,500 178,500 $ 294,000 $140,250 178,500 $318,750 $ 165.00 255.00 $ 165.00 210.00 $ 375.00 $ 420.00 Riverside sells its canoes for $600 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 $700 Scenario 2 Increase Sales Price and Variable Cost per Unit by 10 Percent Scenario 3 Decrease Fixed Cost by 20 Percent per Canoe Unit Contribution Margin Contribution Margin Ratio % % % Contribution Margin Income Statement Contribution Margin Net Operating Income