ABSs Cellular sells phones for $120. The unit variable cost per phone is $72 plus selling commission of 10%. Fixed m costs total $1,550 per month, while fixed selling and administrative costs total $2,500. Required: 1. What is the contribution margin per phone? 2. What is the contribution margin ratio? 3. What is the breakeven point in phones? Interpret. 4. How many phones must be sold to earn a targeted profit of $9,500? Interpret. 5. Calculate the margin of safety. Interpret.