Happy Feet produces sports socks. The company has fixed expenses of $110,000 and variable expenses of $1.10 per package. Each package sells for $2.20. Read the requirements. Requirement 1. Compute the contribution margin per package and the contribution margin ratio. Begin by identifying the formula to compute the contribution margin per package. Then compute the contribution margin per package. (Enter the amount to the nearest cent.) Contribution margin per unit The contribution margin per package is Compute the contribution margin ratio. (Enter the ratio as a whole percent.) Begin by identifying the formula to compute the contribution margin ratio. = Contribution margin ratio The contribution margin ratio is %. Requirement 2. Find the breakeven point in units and dollars. Begin by identifying the formula to compute the breakeven sales in units using the contribution margin approach. The breakeven point in units is Find the breakeven point in dollars using the contribution margin approach. Begin by identifying the formula to compute the breakeven point in dollars. + = Breakeven sales in units = Breakeven sales in dollars The breakeven point in dollars is Requirement 3. Find the number of packages Happy Feet needs to sell to earn a $27,500 operating income. The number of packages to achieve an operating income of $27,500 is