Question: Prepare a contribution margin income statement for the year. For each dollar of sales, how much is left to cover fixed costs and contribute to

 Prepare a contribution margin income statement for the year. For eachdollar of sales, how much is left to cover fixed costs andcontribute to income? (Round your answer to 2 decimal places.) The followingcosts result from the production and sale of 4,500 drum sets manufactured

Prepare a contribution margin income statement for the year. For each dollar of sales, how much is left to cover fixed costs and contribute to income? (Round your answer to 2 decimal places.) The following costs result from the production and sale of 4,500 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $300 each. 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. Compute contribution margin per unit and contribution margin ratio. (Round Contribution margin ratio to nearest whole percentage.)

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