For its top managers, Neptune Travel formats its income statement as follows

$($Click the icon to view the income statement$)$

Neptune's relevant range is between sales of $$249,000$ and $$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 ratio

$=,\%$

Data table

$\backslash$table$[[\backslash$table$[[$Neptune Travel$],[$Contribution Margin Income Statement$],[$Three Months Ended March $31,2024]]],[$Net Sales Revenue,$$,312,500],[$Variable Costs,,$125,000],[$Contribution Margin,,$187,500],[$Fixed Costs,,$172,000],[$Operating Income,$$,15,500]]$

Calculate the contribution margin ratio

Prepare two contribution margin income statements one at the $$249,000$ sales level and one at the $$365,000$ sales level. $($Hint: The proportion of each sales dollar that goes toward variable costs is constant within the relevant range$)$