Lakeland Co. sold 19,200 chairs (Lakeland's only product) in 2019. This resulted in a $43,072 loss (ignoring taxes) for the year ended. During a planning meeting for the upcoming 2020 fiscal year, Lakeland's factory supervisor estimates that variable costs can be lowered 50% by installing equipment that makes production more efficient. To obtain these efficiencies, Lakeland must increase its annual fixed costs by $142,000. The maximum output capacity of Lakeland is 40,000 chairs per year. LAKELAND COMPANY Contribution Margin Income Statement For Year Ended December 31, 2019 Sales $ 704,640 Variable costs 563,712 Contribution margin 140,928 Fixed costs 184,000 Net loss $ (43,072) 4. Compute the sales level required in both dollars and units to earn $120,000 of target pretax income in 2020 with the machine installed and no change in unit sales price. (Do not round intermediate calculations. Round your answers to 2 decimal places. Round "Contribution margin ratio" to nearest whole percentage) Sales level required in dollars Choose Numerator: Choose Denominator: Sales Dollars Required Sales dollars required Sales level required in units Choose Numerator: Choose Denominator: Sales Units Required Sales units required 7