Problem 5-1A Contribution margin income statement and contribution margin ratio LO A1 The following costs result rom the production and sale of 5,000 drum sets manufactured by Tight Drums Company for the year ended December 31, 2017. The drum sets sell for $350 each. The company has a 25%income tax rate. variable production costs Plastie for casing Drum stands Sales comissions s 185,000 510,000 230,000 Variable selling costs 175, 000 Fixed manufacturing cost Taxes on factory Factory naintenance Faetory machinery depreciation 5,000 10,000 70,000 Fixed selling and Lease of equipment for sales staff Accounting staff salaries 10,000 60. 000 140,000 Requlred 1. Prepare a contribution margin Income statement for the company 2 Compute its contribution margin per unlt and Its contribution margin ratio. Complete this question by entering your answers in the tabs below. Required 1 Required 2