Problem 18-2A (Static) Contribution margin income statement and contribution margin ratio LO A1

The following costs result from the production and sale of 1,000 drum sets manufactured by Iight Lrums Company for the year ended December 31 . The drum sets sell for $500 each. 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? an a is -1 a \begin{tabular}{l||l|l|l} Required 1 & Required 2 & Required 3 & \\ \cline { 2 - 4 } & & & \\ \cline { 1 - 3 } & \end{tabular} Prepare a contribution margin income statement for the year. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ TIGHT DRUMS COMPANY } \\ \hline \multicolumn{2}{|c|}{ Contribution Margin Income Statement } \\ \hline Sales & & \\ \hline Variable costs: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Contribution margin & & \\ \hline Fixed costs & & \\ \hline & & \\ \hline & & \\ \hline Income & & \\ \hline \end{tabular} For each dollar of sales, how much is left to cover fixed costs and contribute to income? (Round your answer to 2 decimal places.)