Problem 18-2A (Algo) Contribution margin income statement and contribution margin ratio LO A1 Help Save The following costs result from the production and sale of 4750 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $325 each. -19 Variable costs Plastic for casing Wages of assembly workers $ 152.000 460,750 Drum stands 194,750 Sales commissions 142,500 Fixed costs Taxes on factory 7,500 Factory maintenance 15,000 Factory machinery depreciation 75.000 Lease of equipment for sales statt 15,000 Accounting statt salaries 65,000 Administrative salaries 145,000 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