Lakeland Co. sold 20,500 chairs (Lakeland's only product) in 2019. This resulted in a $67,750 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 $155.000, 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 $ 779,000 Variable costs 584,250 Contribution margin 194,750 Fixed costs 262.500 Net loss $ (67,750) 2. Compute the predicted break-even point in dollar sales for 2020 assuming the machine is in and there is no change in the unit selling price (Round your answers to 2 decimal places.) Contribution Margin per unit Proposed $ 000 Contribution Margin Ratio Choose Numerator: Choose Denominator Contribution Margin Ratio = Contribution margin ratio Beek even point in dollar sales with new machine Choose Numeraton Choose Denominator: Break Even Point in Dollars Break even point in dollars