Happy Toes produces sports socks. The company has fixed expenses of $85,000 and variable expenses of $1.20 per package. Each package sells for $2.00. 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.) Sales price per unit Total variable cost Contribution margin per unit The contribution margin per package is 0.8 Compute the contribution margin ratio. (Enter the ratio as a whole percent.) Begin by identifying the formula to compute the contribution margin ratio The contribution margin ratio is Contribution margin ratio 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. Breakeven sales in units