E6-5 (Algo) Calculating Contribution Margin and Contribution Margin Ratio; Identifying Break-Even Point, Target Profit [LO 6-1, 6-2] Sandy Bank, Incorporated, 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 $520 each. Calculate the contribution margin per canoe and the contribution margin ratio. 3. This year Sandy Bank expects to sell 760 canoes for $520 each. Prepare a contribution margin income statement for the company. 4. Calculate Sandy Bank's break-even point in units and in sales dollars. Sandy Bank sells its canoes for $520 each. 5. Suppose Sandy Bank wants to earn $78,000 profit this year. Calculate the number of canoes that must be sold to achieve this target. Sandy Bank sells its canoes for $520 each. Complete this question by entering your answers in the tabs below. Complete the following table. Note: Round your "Cost per Unit" answers to 2 decimal places. Suppose Sandy Bank sells its canoes for $520 each. Calculate the contribution margin per canoe and the contribution margin ratio. Note: Round your intermediate calculations and Unit Contribution Margin answer to two decimal places. Round your "percentage" answer to 2 decimal places. (i.e. 0.1234 should be entered as 12.34%.) \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ SANDY BANK, INCORPORATED } \\ \hline Contribution Margin Income Statement \\ \hline For the Current Year \\ \hline & \\ \hline & \\ \hline Contribution Margin & \\ \hline & \\ \hline & \\ \hline & \\ \hline Income from Operations & \\ \hline \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline Break-Even Units & & Canoes \\ \hline Break-Even Sales Revenue & & \\ \hline \end{tabular} 5> Suppose Sandy Bank wants to earn $78,000 profit this year. Calculate the number of canoes that must be sold to achieve this target. Sandy Bank sells its canoes for $520 each. Note: Round Unit Contribution Margin to 2 decimal places. Round your answer to the nearest whole number