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 $ 85,000 Fixed costs 238,000 Total costs $323,000 $119,000 238,000 $357,000 $ 144,500 238,000 $382,500 Cost per unit Variable cost per unit Fixed cost per unit Total cost per unit $ 170.00 476.00 $ 170.00 340.00 $ 170.00 280.00 $ 450.00 $ 646.00 $ 510.00 Riverside sells its canoes for $720 each. Next year Riverside expects to sell 1,000 canoes. Riverside sells its canoes for $720 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 $820 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 % % % Contribution Margin Income Statement Contribution Margin Net Operating Income