Problem 21-2A (Algo) Contribution margin income statement and contribution margin ratio LO A1

The following costs result from the production and sale of 4,550 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $305 each.

Drenare a contrihution marnin income statement for the vear For each dollar of sales, how much is left to cover fixed costs and contribute to income? Note: Round your answer to 2 decimal places. Compute contribution margin per unit and contribution margin ratio. Note: Round Contribution margin ratio to nearest whole percentage. equired: 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