1. Compute Griffin's Steel Parts' monthly breakeven sales in dollars. 2. Use the contribution margin ratio to project operating income (or loss) if revenues are $520,000 and if they are $1,040,000. 3. Do the results in Requirement 2 make sense given the breakeven sales you computed in Requirement 1? Explain. Griffin's Steel Parts produces parts for the automobile industry. The company has monthly fixed expenses of $640,000 and a contribution margin of 70% of revenues. Read the fequirements CE Requirement 1. Compute Griffin's Steel Parts' monthly breakeven sales in dollars. Begin by identifying the formula. ) + Breakeven sales in dollars Compute Griffin's Steel Parts' monthly breakeven sales in dollars. (Round your answer up to the nearest whole number.) The breakeven sales in dollars is Requirement 2. Use the contribution margin ratio to project operating income (or loss) if revenues are $520,000 and if they are $1,040,000. First, select the labels to calculate projected operating income. Then, calculate projected income (or loss) if revenues are $520,000. Finally, calculate projected income (or loss) if revenues are $1,040,000. (Enter the contribution margin ratio as a whole percent. Enter losses with a minus sign or parentheses.) Griffin's Steel Parts Operating Income Projection at Different Sales Levels If revenues If revenues are $520,000 are $1,040,000 Operating income (loss) Requirement 3. Do the results in Requirement 2 make sense given the breakeven sales you computed in Requirement 1? Explain. Since $520,000 is the breakeven point, it Since $1,040,000 is the breakeven point, it