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3. Prepare a contribution margin income statement based on the budgeted figures for next year. In a column next to the income statement, show the percentages based on sales for sales, total variable cost, and total contribution margin. Refer to the list of Amount Descriptions for the exact wording of text items within your income statement. Head-First Company Contribution Margin Income Statement For the Coming Year Percent of Sales Refer to the list below for the exact wording of text items within your income statement. Amount Descriptions Operating income Operating loss Sales Total contribution margin Total fixed cost Total variable cost Instructions Head-First Company plans to sell 5,200 bicycle helmets at $80 each in the coming year. Unit variable cost is $49.60 (includes direct materials, direct labor, variable factory overhead, and variable selling expense). Fixed factory overhead is $21,000 and fixed selling and administrative expense is $30,100. Required: 1. Calculate the variable cost ratio. 2. Calculate the contribution margin ratio. 3. Prepare a contribution margin income statement based on the budgeted figures for next year. In a column next to the income statement, show the percentages based on sales for sales, total variable cost, and total contribution margin

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