A B 1 Northern Travel 3 2 Contribution Margin Income Statement 3 Three Months Ended March 31 4 Sales revenue 4 $ 435,000 5 Less: Variable expenses 152,250 6 Contribution margin 282,750 7 Less: Fixed expenses 166,400 8 Operating income $ 116,350 $ 1. Prepare contribution margin income statements at sales levels of $240,000 and $430,000. (Hint: Use the contribution margin ratio.) 2. Compute breakeven sales in dollars. Northern Travel uses the contribution margin income statement internally. Northern's first quarter results are as follows: B Click the icon to view the income statement.) Northern's relevant range is sales of between $105,000 and $655,000. Read the requirements Requirement 1. Prepare contribution margin income statements at sales levels of $240,000 and $430,000. (Hint: Use the contribution margin ratio.) Begin by preparing the contribution margin income statement at the $240,000 level. (Round the variable expense rate to the nearest whole percent. Enter losses with a minus sign or parentheses.) Northern Travel Contribution Margin Income Statement Three Months Ended March 31 Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses Operating income (loss)