M Happy Toes Co. produces sports socks. The company has fixed costs of $75,000 and variable costs of $0.75 per package. Each package sets for $1.50. Requirements Compute the contribution margin per package and the contribution margin ratio (Round your answers to two decimal places.) Find the breakeven point in units and in dollars, using the contribution margin approach. C 1. 2. Requirement 1. Compute the contribution margin per package and the contribution margin ratio Begin by selecting the labels and entering the amounts to compute the contribution margin per package. (Round all amounts to two decimal places, Abbreviation used: CM = contribution margin.) Net sales revenue por unit Variable costs per unit CM per unit 1.50 0.75 0.75 Now select the labels and enter the amounts to calculate the contribution margin ratio. (Enter amounts in the formula to two decimal places. Enter the contribution margin ratio as a whole percentage, X% Abbreviation used: CM contribution margin.) CM per unit Net sales revenue per unit CM ratio $ 0.75 1.50 50% Requirement 2. Find the breakeven point in units and in dollars, using the contribution margin approach Begin by selecting the labels and entering the amounts to find the breakeven point in units, using the contribution margin approach. (Enter amounts in the formula to two decimal places, Enter a "O" for any zero amounts. Abbreviation used: CM contribution margin.) = Required sales in units