E6-5 (Algo) Calculating Contribution Margin and Contribution Margin Ratio; Identifying Break-Even Point, Target Profit [LO 6-1, 6-2) Sandy Bank, Inc, makes one model of wooden canoe. Partial information is given below. Required: 1. Complete the following table. 2. Suppose Sandy Bank sells its canoes for $560 each. Calculate the contribution margin per canoe and the contribution margin rati 3. This year Sandy Bank expects to sell 820 canoes. Prepare a contribution margin income statement for the company 4. Calculate Sandy Bank's break-even point in units and in sales dollars. 5. Suppose Sandy Bank wants to earn $76,000 profit this year. Calculate the number of canoes thay must be sold to achieve this target. piece this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Complete the following table. (Round your "Cost per Unit" answers to 2 decimal places.) 490 630 710 $ 74,970 159,740 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 $ 234.710 $ 0 $ 0 GA 0.00 $ 0.00 $ 0.00 Total Cost per Unit Required 1 Required 2 Required 3 Required 4 Required 5 Suppose Sandy Bank sells its canoes for $560 each. Calculate the contribution margin per canoe and the contribution margin ratio (Round your intermediate calculations and final answers to 2 decimal places. Roury your "percentage" answer to 2 decimal places. (l.e...1234 should be entered as 12.34%.). Unit Contribution Margin Contribution Margin Ratio per Canoe % ule following table, 2. Suppose Sandy Bank solls its canoes for $560 each. Calculate the contribution margin per cance and the contribution margin ratio 3. This year Sandy Bank expects to sell 820 canoes. Prepare a contribution margin income statement for the company 4. Calculate Sandy Bank's break-even point in units and in sales dollars. 5. Suppose Sandy Bank wants to earn $76,000 profit this year. Calculate the number of cances that must be sold to achieve a target. sk Complete this question by entering your answers in the tabs below. + at Required 1 Required 2 Required 3 Required 4 Required 5 This year Sandy Bank expects to sell 820 canoes. Prepare a contribution margin Income statement for the company. (Round your intermediate calculations to 2 decimal places.) SANDY BANK, Inc. Contribution Margin Income Statement For the Current Year nces Cost of Goods Sold Fixed hosts Gross Margin Interest Expense Net Income After Taxes Income from Operations Dow Required 1 Required 2 Required 3 Required 4 Required 5 This year Sandy Bank expects to sell 820 canoes. Prepare a contribution margin income statement for the company. Mund your intermediate calculations to 2 decimal places.) SANDY BANK, Inc. Contribution Margin Income Statement For the Current Year es Interest Expense Net Income After Taxes Net Operating Income Sales Revenue Variable Costs Income from Operations Required 1 Required 2 Required 3 Required 4 Required 5 Calculate Sandy Bank's break-even point in units and in sales dollars. (Round final answers to the nearest whole number) Canoes Break-Even Units Rreak Fyen Sales Revenue Required 1 Required 2 Required 3 Required 4 Required una Suppose Sandy Bank wants to earn $76,000 profit this year. Calculate the number of canoes that must be sold to achieve this target. (Round Unit Contribution Margin to 2 decimal places, Round your answer to the next whole number.) Target Sales Units Canoes