Problem 18-2A (Algo) Contribution margin income statement and contribution margin ratio LO A1 The following costs result from the production and sale of 4,900 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $340 each. Variable costs Plastic for casing $ 171, 500 Wages of assembly workers 490, 000 Drum stands 215, 600 Sales commissions 161, 700 Fixed costs Taxes on factory 6, 090 Factory maintenance 12,000 Factory machinery depreciation 72,000 Lease of equipment for sales staff 12,000 Accounting staff salaries 62,000 Administrative salaries 142,000 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