Huels & Sons Inc. manufactures fishing products. The company hired you as its senior financial analyst. The Coo, Dr. Huels provided you the following financial data: Sales Variable costs Fixed costs $500,000 $100,000 $200,000 He asked you to report back to him regarding the following questions: What is the contribution margin ratio? What is the level of sales in dollars necessary to generate a profit of $40,000? 3) What is the contribution margin ratio if the sales price is increased by 10%? 4) Using the information in part 3, what level of sales in dollars is necessary to generate a profit of $40,000