The following costs result from the production and sale of 4,000 drum sets manufactured by Tight Drums Company for the year ended December 31, 2015. The drum sets sell for $250 each. The company has a 25% income tax rate.

Variable production costs
Plastic for casing	$	68,000
Wages of assembly workers		328,000
Drum stands		104,000
Variable selling costs
Sales commissions		60,000
Fixed manufacturing costs
Taxes on factory		10,000
Factory maintenance		20,000
Factory machinery depreciation		80,000
Fixed selling and administrative costs
Lease of equipment for sales staff		20,000
Accounting staff salaries		70,000
Administrative management salaries		150,000

Required:

1.

Prepare a contribution margin income statement for the company. TIGHT DRUMS COMPANY Contribution Margin Income Statement For Year Ended December 31, 2015 Sales $1,000,000 Variable costs: Plastic for casing 68,000 Wages of assembly workers 328,000 Drum stands 104,000 Sales commissions 60,000 Total variable costs 560,000 Contribution margin 440,000 Fixed costs Factory machinery depreciation 80,000 Factory maintenance 20,000 Lease of equipment for sales staff 20,000 Accounting staff salaries 70,000 Administrative management salaries 150,000 Taxes on factory 10,000 Total fixed costs 350,000 Pretax income 200,000 Income tax 50,000 Net income $150,000 Note to the above question: I have answered this but Pretax income, Income Tax, and Net income is not correct. Please help me figure out the numbers and also if there is anything else wrong with this answer. Compute its contribution margin per unit and its contribution margin ratio. (Round Contribution margin ratio to nearest whole percentage.) TIGHT DRUMS COMPANY Contribution Margin Income Statement (partial) For Year Ended December 31, 2015 Per Unit Sales $250 Variable costs: Plastic for casing 17 Wages of assembly workers 82 Drum stands 26 Sales commissions 15 Total variable costs 140 Contribution margin $110 Contribution Margin Ratio Sales $250 100% Variable costs 140 Contribution margin $110 44% Note to the above question; everything is so far correct with my answer but there is something missing. Please help me figure out what that is. Thanks