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 500 700 850 Total costs Variable costs $90,000 $126,000 $153,000 Fixed costs 119,000 119,000 119,000 Total costs. $209,000 $245,000 $272,000 Cost per unit Variable cost per unit $ 180.00 $ 180.00 $180.00 Fixed cost per unit Total cost per unit 238.00 170.00 140.00 $ 418.00 $ 350.00 $ 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.) 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 Sales Revenue Contribution Margin Income Statement % %