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Problem 18-1A Contribution margin income statement and contribution margin ratio LO A1 The following costs result from the production and sale of 4,150 drum sets manufactured by Tight Drums Company for the year ended December 31, 2019. The drum sets sell for $265 each. The company has a 40% income tax rate. $ 83,000 352,750 120,350 74,700 Variable production costs Plastic for casing Wages of assembly workers Drum stands Variable selling costs Sales commissions Fixed manufacturing costs Taxes on factory Factory maintenance Factory machinery depreciation Fixed selling and administrative costs Lease of equipment for sales staff Accounting staff salaries Administrative management salaries 11,500 23,000 83,000 23,000 73,000 153,000 Required: 1. Prepare a contribution margin income statement for the year. 2. Compute its contribution margin per unit and its contribution margin ratio. 3. For each dollar of sales, how much is left to cover fixed costs and contribute to operating income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a contribution margin income statement for the year. TIGHT DRUMS COMPANY Contribution Margin Income Statement For Year Ended December 31, 2019 Sales $1,099,750 Variable costs: Plastic for casing Wages of assembly workers Drum stands 83,000 352,750 OOOO 120,350 74,700 Sales commissions Total variable costs 630,800 468,950 11,500 23,000 Contribution margin Fixed costs Taxes on factory Factory maintenance Factory machinery depreciation Lease of equipment for sales staff Accounting staff salaries Administrative management salaries 83,000 23,000 73,000 153,000 Total fixed costs 366,500 Pretax loss 40,980 X 61,470 X Income tax Required 1 Required 2 Required 3 Compute its contribution margin per unit and its contribution margin ratio. (Round Contribution ma percentage.) TIGHT DRUMS COMPANY Contribution Margin Income Statement (partial) For Year Ended December 31, 2019 Per Unit Sales $ 265 > Variable costs: Plastic for casing Wages of assembly workers Drum stands Sales commissions 20 85 29 18 Total variable costs Contribution margin 152 113 $ Contribution Margin Ratio $ 265 100% Sales Variable costs Contribution margin 152 43% $ 113 57%