Calculating Contribution Margin and Contribution Ratio, Preparing Contribution Margin Income Statement [LO 5-5]Riverside Inc. makes one model of wooden canoe. Partial information for it follows:Number of Canoes Produced and Sold 400 600 750Total costsVariable costs $ 54,000 $ 81,000 $ 101,250Fixed costs 60,000 60,000 60,000Total costs $ 114,000 $ 141,000 $ 161,250Cost per unitVariable cost per unit $ 135.00 $ 135.00 $ 135.00Fixed cost per unit 150.00 100.00 80.00Total cost per unit $ 285.00 $ 235.00 $ 215.00Riverside sells its canoes for $370 each. Next year Riverside expects to sell 1,000 canoes. Required:Complete the Riverside's contribution margin income statement for each independent scenario.
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