Hot Locks Company developed the following information for its hair dryer sales: Sales price $60.50 per unit Variable cost of goods sold $21.50 per unit Fixed cost of goods sold $130,000 Variable selling expense $1.00 Fixed selling expense $4,000 Fixed administrative expense $6,600 For the year ended December 31, 2020, Hot Locks Company produced and sold 20,000 hair dryers. Required: a) Determine the total contribution margin in dollars, contribution margin per unit, and as contribution margin ratio (round to 2 decimal points) (3 marks). b) Calculate the break-even point in units (round to the nearest dollar). (3 marks). b) Briefly explain how the contribution margin differs from gross profit margin. (2 marks) 1 A- B 1 =