Happy Ten Co. produces sports socks. The company has fixed costs of $100,000 and variable costs of $1.20 per package. Each package sells for $2.00. Requirements 1. Compute the contribution margin per package and the contribution margin ratio. (Round your answers to two decimal places.) 2. Find the breakeven point in units and in dollars, using the contribution margin approach. Requirement 1. Compute the contribution margin per package and the contribution margin ratio. Begin by selecting the labels and entering the amounts to compute the contribution margin per package. (Round all amounts to two decimal places. Abbreviation used: CM= contribution margin.)