Lakeland Co. sold 19,700 chairs (Lakeland's only product) in 2019. This resulted in a $59,290 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 40% by Installing equipment that makes production more efficient. To obtain these efficiencies, Lakeland must increase its annual fixed costs by $147,000. 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 $ 732,840 Variable costs 549,630 Contribution margin 183,210 Fixed costs Net loss $ (59,290) 242,500 2. Compute the predicted break-even point in dollar sales for 2020 assuming the machine is installed and there is no change in the unit selling price. (Round your answers to 2 decimal places.) Proposed Contribution Margin per unit Sales Variable costs 0.00 Contribution margin Contribution Margin Ratio 7 Choose Numerator: Choose Denominator: Contribution Margin Ratio Contribution margin per unit Contribution margin ratio 1 Selling price per unit Break-even point in dollar sales with new machine: Choose Numerator: Choose Denominator: Total fixed costs 7 Contribution margin ratio Break-Even Point in Dollars Break-even point in dollars