The following costs result from the production and sale of 4,200 drum sets manufactured by Tight Drums Company for the year ended December 31, 2019. The drum sets sell for $270 each. The company has a 25% income tax rate. Variable production costs Plastic for casing $ 88,200 Wages of assembly workers 361,200 Drum stands 126,000 Variable selling costs Sales commissions 79,800 Fixed manufacturing costs Taxes on factory 12,000 Factory maintenance 24,000 Factory machinery depreciation 84,000 Fixed selling and administrative costs Lease of equipment for sales staff 24,000 Accounting staff salaries 74,000 Administrative management salaries 154,000 Required: 1. Prepare a contribution margin income statement for the year. 2. Compute its contribution margin per unit and its contribution margin ratio. 3. For each dollar of sales, how much is left to cover fixed costs and contribute to operating income