Problem 18-1A Contribution margin income statement and contribution margin ratio LO A1 The following costs result from the production and sale of 1,000 drum sets manufactured by Tight Drums Company for the year ended December 31, 2017. The drum sets sell for $500 each. The company has a 25% income tax rate Variable production costs Plastic for casing Wages of assembly workers Drum stands $ 17,000 82,000 26,000 Variable selling costs Sales Comm1551ons 15,000 Fixed manufacturing costs Taxes on factory Factory maintenance Factory machinery depreciation 5,000 10,000 40,000 Fixed selling and administrative costs Lease of equipment for sales staff Accounting staff salaries Administrative management salaries 10,000 35,000 125,000 Required 1. Prepare a contribution margin income statement for the company 2. Compute its contribution margin per unit and its contribution margin ratio Complete this question by entering your answers in the tabs below Required 1 Required 2