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 cande. Partial information is given below. Required: 1. Complete the following table 2. Suppose Sandy Bank sells its canoes for $550 each. Calculate the contribution margin per canoe and the contribution margin ratio. 3. This year Sandy Bank expects to sell 840 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 $70.000 proff this year. Calculate the number of cances that must be sold to achieve this target 470 820 800 $ 88.820 158.040 224,860 $ $ Number of Canoes Produced and Sold Total costs Variable Costs Fored Costs Total Costs Cost per Unit Variable Cost per Unit Fixed Cost per Unit Total Cost per un 0$ 5 0.00 $ 0.00 5 0.00 Suppose Sandy Bank sells is cances for 5550 each. Calculate the contribution margin per cance and the contribution margin ratio. (Round your intermediate calculations and final answers to 2 decimal places. Round your percentage answer to 2 decimal places. (tie 1234 should be entered as 12.34%)) Unt Contribution Margin Contribution Margin Ratio per Cance This year Sandy Bank expects to sell 840 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 Sales Revenue Variable Costs Contribution Margin Fixed Costs income from Operations Calculate Sandy Bank's break-even point in units and in sales dollars.( Canoes Break-Even Units Break-Even Sales Revenue Suppose Sandy Bank wants to earn $70,000 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