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Lifefit Products sells running shoes and shorts. The following is selected per-unit information for these two products: Sales price Variable costs and expenses Contribution margin Shoes $50 Shorts $5 35 1 $15 $4 Fixed costs and expenses amount to $378,000 per month. Lifefit has total sales of $1 million per month, of which 80 percent result from the sale of running shoes and the other 20 percent from the sale of shorts. Instructions a. Compute separately the contribution margin ratio for each line of products. b.Assuming the current sales mix, compute: 1.Average contribution margin ratio of total monthly sales. 2.Monthly operating income. 3.The monthly break-even sales volume (stated in dollars). c. Assume that through aggressive marketing, Lifefit is able to shift its sales mix toward more sales of shorts. Total sales remain $1 million per month, but now 30 percent of this revenue stems from sales of shorts. Using this new sales mix, compute: 1.Average contribution margin ratio of total monthly sales. 2.Monthly operating income. 3.The monthly break-even sales volume (stated in dollars). (Omit the "$" & "%" signs in your response.) a. Contribution margins of product lines: Shoes ($15 contribution margin $50 sales price) % Shorts % b (1) Average contribution margin ratio: . From shoes (30% contribution margin x 80% of sales mix) From shorts % % Average contribution margin ratio % (2) Monthly operating income: Total sales Average contribution margin ratio $ x% Total contribution margin Less: Fixed costs and expenses $ Operating income $ (3) Monthly break-even sales volume (in dollars): Fixed costs and expenses Average contribution margin ratio Break-even sales volume c. Assuming new sales mix (shoes, 70%; shorts, 30%) (1) Average contribution margin ratio: From shoes (30% contribution margin x 70% of sales) From shorts $ % $ % % Average contribution margin ratio % (2) Monthly operating income: Total sales Average contribution margin ratio $ x% Total contribution margin Less: Fixed costs and expenses $ Operating income $ (3) Monthly break-even sales volume (in dollars): Fixed costs and expenses Average contribution margin ratio Break-even sales volume $ % $