Problem 21-2A (Algo) Contribution margin income statement and contribution margin ratio LO A1 The following costs result from the production and sale of 5,000 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $350 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? Complete this question by entering your answers in the tabs below. Prepare a contribution margin income statement for the year. Prepare a contribution margin income statement for the year. The following costs result from the production and sale of 5,000 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $350 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? Complete this question by entering your answers in the tabs below. Compute contribution margin per unit and contribution margin ratio. Note: Round Contribution margin ratio to nearest whole percentage. The following costs result from the production and sale of 5,000 drum sets manufactured by Tight Drums Company for the year ended December 31. The drum sets sell for $350 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? Complete this question by entering your answers in the tabs below. 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. For each dollar of sales, how much is left to cover fixed costs and contribute to income