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ADED Homework Saved 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: Number of Canoes Produced and sold 400 600 750 Total costs Variable costs $ 54,000 $ 81,000 $101,250 Fixed costs 60,000 60,000 60,000 Total costs $114,000 $141,000 $161,250 Cost per unit Variable cost per unit $ 135.00 $ 135.00 $ 135.00 Fixed cost per unit 150.00 100.00 80.00 Total cost per unit $ 285.00 $ 235.00 $ 215.00 Riverside sells its canoes for $370 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 variatic 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 Ral Sales Price to $470 per Canon 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 % % % Riverside sells its canoes for $370 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 $470 per Canoe Scenario 2 Increase Sales Price and Variable Cost per Unit by 10 Porcent Scenario a Decrease Fixed Cost by 20 Percent Unit Contribution Margin Contribution Margin Ratio % % % Contribution Margin Income Statement Sales Revenue Sales Revenue Variable Costs Contribution Margin Fixed Costs Net Operating Income