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		450			650			800
Total costs
Variable costs	$	63,000		$	91,000		$	112,000
Fixed costs		187,200			187,200			187,200
Total costs	$	250,200		$	278,200		$	299,200
Cost per unit
Variable cost per unit	$	140.00		$	140.00		$	140.00
Fixed cost per unit		416.00			288.00			234.00
Total cost per unit	$	556.00		$	428.00		$	374.00

Riverside sells its canoes for $700 each. Next year Riverside expects to sell 1,000 canoes.

Required:

Complete the Riversides contribution margin income statement for each independent scenario. Assuming each scenario is a variation of Riversides 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.)