For its top managers, Mercury Travel formats its income statement as follows: (Click the icon to view the income statement.) Mercury's relevant range is between sales of $247,000 and $360,000. 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 ratio % Mercury Travel Contribution Margin Income Statement Three Months Ended March 31, 2016 Net Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income $ 312,500 125,000 187,500 173,000 69 $ 14,500 1. Calculate the contribution margin ratio. 2. Prepare two contribution margin income statements: one at the $247,000 sales level and one at the $360,000 sales level. (Hint: The proportion of each sales dollar that goes toward variable costs is constant within the relevant range.)