%E3-29 (similar to) Suppose Garrett Corp.'s breakeven point is revenues of $1,100,000. Fixed costs are $660,000. Requirements 1. Compute the contribution margin percentage. 2. Compute the selling price if variable costs are $16 per unit 3. Suppose 60,000 units are sold. Compute the margin of safety in units and dollars. 4. What does this tell you about the risk of Garrett making a loss? What are the most likely reasons for this risk to increase? Requirement 1. Compute the contribution margin percentage. Determine the formula for the contribution margin percentage. Contribution margin Breakeven point in revenues percentage Fixed costs (Enter percentage as a whole number.) The contribution margin percentage is %