In-class Exercise. Chan Co. sells pants wholesale to major retailers across USA. Each pant has a selling price of $45 with $36 in variable costs of goods sold. The company has fixed manufacturing costs of $1,000,000 and fixed marketing costs of $500,000. Sales commissions are paid to the wholesale sales representatives at 8% of revenues. The company has an income tax rate of 30%. Required: 1. Determine the unit contribution margin and the contribution margin percentage of Chan Co