For its top managers, Global Universal Travel formats its income statement as follows:

Globals relevant range is between sales of $250,000 and $367,000.

Requirement 1. Calculate the contribution margin ratio.

Requirement 2. Prepare two contribution margin income statements: one at the $250,000 sales level and one at the $367,000 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 $250,000 sales level

Now prepare the contribution margin income statement at the $367,000 sales level. (Use a minus sign or parentheses for a loss.)

Data table Universal Travel Contribution Margin Income Statement Three Months Ended March 31, 2024 Net Sales Revenue $ 312,500 Variable Costs 125,000 Contribution Margin 187,500 174,000 Fixed Costs $ 13,500 Operating Income 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 ratio = - % Global Travel Contribution Margin Income Statement Three Months Ended March 31, 2024 Net Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income (Loss) Global Travel Contribution Margin Income Statement Three Months Ended March 31, 2024 Net Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income (Loss)