For its top managers, Global Travel formats its income statement as follows: (Click the icon to view the income statement.) Global's relevant range is between sales of $248,000 and $365,000. Read the requirements Requirement 1. Calculate the contribution margin ratio. Select the labels and enter the amounts to calculate the contribution margin ratio. (Enter the contribution margin ratio as a whole percentage, X%.) Contribution margin Net sales revenue = Contribution margin ratio 188,100 313,500 60 % Requirement 2. Prepare two contribution margin income statements: one at the S248,000 sales level and one at the $365,000 sales level. (Hint: The proportion of each sales dollar that goes toward variable costs is constant within the relevant range.) First prepare the contribution margin income statement at the $248,000 sales level. (Use a minus sign or parentheses for a loss.) Global Travel Contribution Margin Income Statement Requirements Three Months Ended March 31, 2016 Net Sales Revenue 1. Calculate the contribution margin ratio. Variable Costs 2. Prepare two contribution margin income statements: one at the $248,000 Contribution Margin sales level and one at the $365,000 sales level. (Hint: The proportion of each sales dollar that goes toward variable costs is constant within the relevant Fixed Costs range.) Operating Income (Loss) Print Done Global Travel Contribution Margin Income Statement Three Months Ended March 31, 2016 Net Sales Revenue $ 313,500 Variable Costs 125,400 Contribution Margin 188,100 Fixed Costs 174,000 $ 14,100 Operating Income