PLEASE ANSWE ALL

PART 1

PART 2

requirement 2

Happy Ten Co. produces sports socks. The company has fixed costs of $100,000 and variable costs of $1.20 per package. Each package sells for $2.00. Requirements 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 "0" for any zero amounts. Abbreviation used: CM= contribution margin.) Requirement 1. Calculate the contribution margin ratio. Select the labels and enter the amounts to calculate the contribution margin ratio. (Enter the contribution margin ratio as a whole percentage, X%.) Requirement 2. Prepare two contribution margin income statements: one at the $247,000 sales level and one at the $369,000 sales level. (Hint. The proportion of each sales dollar that goes toward variable costs is constant within the relevant range.) First prepare the contribution margin income statement at the $247,000 sales level. (Use a minus sign or parentheses for a loss.) Now prepare the contribution margin income statement at the $369,000 sales level. (Use a minus sign or parentheses for a loss.)