Problem 18-2A (Algo) Contribution margin income statement and contribution margin ratio LO A1 The following costs result from the production and sale of 4.250 drum sets manufactured by Tight Drums Company for the year ended December 31 The drum sets sell for $275 each $ 93,500 369,750 131,750 85.000 Variable costs Plastic for casing Wages of assembly workers Drum stands Sales comissions fixed costs Taxes on factory Factory maintenance Factory machinery depreciation Lease of equipment for sales staff Accounting staff salaries Administrative salaries 12,500 25,000 85,000 25,000 75,000 155.000 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? Contribution Margin Income Statement For Year Ended December 31 Sales Variable costs: Contribution margin Fixed costs Income Compute contribution margin per unit and contribution margin ratio. (Round Contribution margin ratio to nearest whole percentage.) TIGHT DRUMS COMPANY Contribution Margin Income Statement (partial) For Year Ended December 31 Per Unit Sales Variable costs Total variable costs Contribution margin 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 loft to cover fixed costs and contribute to income?