Happy Toes produces sports socks. The company has fixed expenses of $80,000 and variable expenses of $0.80 per package. Each package sells for $1.60. 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.) The contribution margin per package is Compute the contribution margin ratio. (Enter the ratio as a whole percent) Contribution margin per unit Begin by identifying the formula to compute the contribution margin ratio. Contribution margin ratio The contribution margin ratio is