Last month when Holiday Creations, Incorporated, sold 41,000 units, its sales, variable expenses, and fixed expenses were $164,000, $124,640, and $35,100, respectively. Required: What is the companys contribution margin (CM) ratio? What is the companys variable expense ratio? Note: Do not round intermediate calculations.

Exercise 5-1 (Algo) Computing the CM Ratio and Variable Expense Ratio [LO5-1] Last month when Holiday Creations, Incorporated, sold 41,000 units, its sales, variable expenses, and fixed expenses were $164,000, $124,640, and $35,100, 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