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) Required: 1. Compute the break-even point in dollar sales for 2019. (Round your answers to 2 decimal places.) Current Year Contribution Margin Per Unit Sales Variable costs Contribution margin Contribution Margin Ratio Choose Numerator: Contribution margin per unit Contribution Margin Ratio Choose Denominator: 1 Selling price per unit = Contribution margin ratio Break Even Point in Dollar Sales: Choose Numerator: Break-Even Point in Dollars Choose Denominator: ......... 1 Contribution margin ratio Fixed costs per unit = Break-even point in dollars