Happy Toes Co. produces sports socks. The company has fixed costs of $80,000 and variable costs of $0.96 per package. Each package sells for $1.60. 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.) CM per unit Now select the labels and enter the amounts to calculate the contribution margin ratio. (Enter amounts in the formula to two decimal places. Enter the contribution margin ratio as a whole percentage, X%. Abbreviation used: CM = contribution margin.) CM ratio % Requirement 2. Find the breakeven point in units and in dollars, using the contribution margin approach. Begin by selecting the labels and entering the amounts to find the breakeven point in units, using the contribution margin approach. (Enter amounts in the formula to two decimal places. Enter a "0" for any zero amounts. Abbreviation used: CM = contribution margin.) Required sales in units Now find the breakeven point in dollars using the contribution margin approach. Begin by selecting the formula, and in the next step, enter the amounts and calculate breakeven point in dollars. (Enter a "0" for any zero amounts.) ) = = Required sales in dollars ( + ) = % - Choose from any list or enter any number in the input fields and then continue to the next