McCarthy Men's Clothing's revenues and cost data for 2020 are as follows: (Click the icon to view the data.) Mr. McCarthy, the owner of the store, is unhappy with the operating results. An analysis of other operating costs reveals that it includes $20,000 variable costs, which vary with sales volume, and $20,000 (fixed) costs. Read the requirements. Requirement 1. Compute the contribution margin of McCarthy Men's Clothing. Determine the formula to calculate the contribution margin, then enter the amounts in the formula to compute the contribution margin of McCarthy Men's Clothing. Revenues Total variable costs = Contribution margin Requirement 2. Compute the contribution margin percentage. Determine the formula to calculate the contribution margin percentage, then enter the amounts in the formula to compute the contribution margin percentage. (Enter the result as a whole percentage, XX%.) Contribution margin Revenues Contribution margin percentage % Requirement 3. Mr. McCarthy estimates that he can increase units sold, and hence revenues by 15% by incurring additional advertising costs of $11,000. Calculate the impact of the additional advertising costs on operating income. Determine the formula to solve for the amount then complete the formula. Change in operating income Requirement 4. What other actions can Mr. McCarthy take to improve operating income? To improve operating income, Mr. McCarthy must find ways to