EXERCISE 3-5 Cost Behaviour; Contribution Format Income Statement |LO1, L03] Wave Runners is a boat rental business that has the following costs over the relevant range of 12,000 to 0 18.000 operating hours for its boats: 12,000 Operating Hours 14,000 16,000 18,000 $ 54,000 504,000 $558,000 2 ? 2 Total costs: Variable costs. Fixed costs Total costs Cost per unit: Variable cost Fixed cost.... Total cost per hour ---- 2 2 ? 2 2 2 2 2 Required: 1. Complete the schedule of the company's total and unit costs above. 2. Assume that Wave Runners rents it boats for $40 per hour and had 15.000 hours of rentals last year Prepare a contribution format income statement for the year