Problem 18-1A Contribution margin income statement and contribution margin ratio LO A1 The following costs result from the production and sale of 4,250 drum sets manufactured by Tight Drums Company for the year ended December 31, 2015. The drum sets sell for $275 each. The company has a 30% income tax rate. Variable production costs Plastic for casing Wages of assembly workers Drum stands $ 93,500 369,750 131,750 Variable selling costs Sales commissions 85,000 Fixed manufacturing costs Taxes on factory Factory maintenance Factory machinery depreciation 12,500 25,000 85,000 Fixed selling and administrative costs Lease of equipment for sales statf Accounting staff salaries Administrative management salaries 25,000 75,000 155,000 Required 1. Prepare a contribution margin income statement for the company