1. Socks Unlimited produces sports socks. The company has fixed expenses of $85,000 and variable expenses of $1.20 per package. Each package sells for $2.00. Requirement 1. Compute the contribution margin per package and the contribution margin ratio. Begin by identifying the formula to compute the contribution margin per package. Then compute the contribution margin per package. (Enter the amount to the nearest cent.) Compute the contribution margin ratio. (Enter the ratio as a whole percent.) Begin by identifying the formula to compute the contribution margin ratio. Requirement 2. Find the breakeven point in units and dollars. Begin by identifying the formula to compute the breakeven sales in units using the contribution margin approach. ( 1( Find the breakeven point in dollars using the contribution margin approach