Last month when Holiday Creations, Incorporated, sold 40,000 units, its sales, variable expenses, and fixed expenses were $160,000, $116,800, and $35,700, respectively. Required: 1. What is the company's contribution margin (CM) ratio? 2. What is the company's variable expense ratio? Note: Do not round intermediate calculations. 1. Contribution margin ratio 2. Variable expense ratio % %

Last month when Holiday Creations, Incorporated, sold 40,000 units, its sales, variable expenses, and fixed expenses were $160,000, $116,800, and $35,700, respectively. Required: 1. What is the company's contribution margin (CM) ratio? 2. What is the company's variable expense ratio? Note: Do not round intermediate calculations