I need one answer - Calculate the magnitude of operating leverage. Use the measure of operating leverage to determine the amount of net income Munoz will earn if sales increase by 20 percent. (Round your intermediate calculations and "Operating leverage" answer to 2 decimal places. The text says the formula is CONTRIBUTION MARGIN/NET INCOME. I have the Net Income correct before and after the 20% increase. As you can see my answer of 3.14% is wrong.

The following income statement was drawn from the records of Munoz, a merchandising firm: Required a. Reconstruct the income statement using the contribution margin format. b. Calculate the magnitude of operating leverage. c. Use the measure of operating leverage to determine the amount of net income Munoz will earn if sales increase by 20 percent. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reconstruct the income statement using the contribution margin format. The following income statement was drawn from the records of Munoz, a merchandising firm: Required a. Reconstruct the income statement using the contribution margin format. b. Calculate the magnitude of operating leverage. c. Use the measure of operating leverage to determine the amount of net income Munoz will earn if sales increase by 20 percen Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Calculate the magnitude of operating leverage. Use the measure of operating leverage to determine the amount of net income Munoz will earn if sales increase by 20 percent. (Round your intermediate calculations and "Operating leverage" answer to 2 decimal places. Round the "Net income" value to nearest whole dollar.)