Gary's Steel Parts produces parts for the automobile industry. The company has monthly fixed costs of $680,000 and a contribution margin of 80% of revenues. Read the requirements Requirement 2. Use contribution margin income statements to compute Gary's monthly operating income or operating loss f revenues are $560,000 and if they are $1,030,000. Begin by selecting the labels for the contribution margin income statement. Then enter the amounts and calculate operating income or loss when revenues are $560,000. Then in the next step, calculate operating income or loss when revenues are $1,030,000. (Use a minus sign or parentheses for a loss.) X Requirements Gary's Steel Parts Contribution Margin Income Statement Revenues are $ 560,000 Sales Revenue 560000 Variable Costs Contribution Margin 1. Compute Gary's monthly breakeven sales in dollars. Use the contribution margin ratio approach. 2. Use contribution margin income statements to compute Gary's monthly operating income or operating loss if revenues are $560,000 and if they are $1,030,000 3. Do the results in Requirement 2 make sense given the breakeven sales you computed in Requirement 1? Explain. Fixed Costs Operating Income (Loss) Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? parts remaining Clear All Check