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Problem 18-2A (Algo) Contribution margin income statement and contribution margin ratio LO A1 The following costs result from the production and sale of 4,200 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $270 each. $ 88,200 361,200 126,000 79,800 Variable costs Plastic for casing Wages of assembly workers Drum stands Sales commissions Fixed costs Taxes on factory Factory maintenance Factory machinery depreciation Lease of equipment for sales staff Accounting staff salaries Administrative salaries 12,000 24,000 84,000 24,000 74,000 154,000 Required: 1. Prepare a contribution margin income statement for the year. 2. Compute contribution margin per unit and contribution margin ratio. 3. For each dollar of sales, how much is left to cover fixed costs and contribute to 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 Sales Variable costs: Contribution margin Fixed costs Income Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute contribution margin per unit and contribution margin ratio. (Round Contribution margin ratio to nearest whole percentage.) TIGHT DRUMS COMPANY Contribution Margin Income Statement (partial) For Year Ended December 31 Per Unit Sales Variable costs: Total variable costs Contribution margin Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 For each dollar of sales, how much is left to cover fixed costs and contribute to income? (Round your answer to 2 decimal places.) For each dollar of sales, how much is left to cover fixed costs and contribute to income