Problem 18-2A (Algo) Contribution margin income statement and contribution margin ratio LO A1 The following costs result from the production and sale of 4,750 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $325 each. Variable costs Plastic for casing Wages of assembly workers Drun stands Sales commissions Fixed costs $ 152,000 460,750 194,750 142,500 Taxes on factory 7,500 Factory maintenance. Factory machinery depreciation 15,000 75,000 Lease of equipment for sales staff 15,000 65,000 145,000 Accounting staff salaries Administrative salaries 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 Required 3 Compute contribution margin per unit and contribution margin ratio. (Round Contribution percentage.) Sales Variable costs: TIGHT DRUMS COMPANY Contribution Margin Income Statement (partial) For Year Ended December 31 Total variable costs Contribution margin Per Unit < Required 1 Required 3 > 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 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?