Exercise 5-1 (Algo) Computing the CM Ratio and Variable Expense Ratio [LO5-1] Last month when Holiday Creations, Incorporated, sold 39,000 units, its sales, variable expenses, and fixed expenses were $156,000 $123,240, and $38,500, respectively. Required: 1. What is the company's contribution margin ( CM ) ratio? 2. What is the company's variable expense ratio? Note: Do not round intermediate calculations