Northern Travel uses the contribution margin income statement internally. Northern's first quarter results are as follows: (Click the icon to view the income statement.) Northern's relevant range is sales of between $140,000 and $655,000. Requirement 1. Prepare contribution margin income statements at sales levels of $270,000 and $480,000. (Hint: Use the contribution margin ratio.) Begin by preparing the contribution margin income statement at the $270,000 level. (Round the variable expense rate to the nearest whole percent. E Northern Travel Contribution Margin Income Statement Three Months Ended March 31 Requirements Data table A B 1 Northern Travel 2 Contribution Margin Income Statement Sales revenue 3 Three Months Ended March 31 Less: Variable expenses 1. Prepare contribution margin income statements at sales levels of $270,000 and $480,000. (Hint: Use the contribution margin ratio.) 4. Sales revenue $ 435.000 Contribution margin Less: Fixed expenses Help me solve this Video Get more he 2. Compute breakeven sales in dollars. 5 Less: Variable expenses 152,250 6 Contribution margin $ 282,750 7 Less: Fixed expenses 166,400 8 Operating income $ 116,350 Print Done