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College Try imprints calendars with college and university names. The company has fixed expenses of $1,045,000 each month plus variable expenses of $3.90 per carton of calendars. Of the variable expense, 73% is cost of goods sold, while the remaining 27% relates to variable operating expenses. College Try sells each carton of calendars for $11.50 Requirements 11. Use the income statement equation approach to compute the number of cartons of calendars that College Try must sell each month to break even 2. Use the contribution margin ratio shortcut formula to compute the dollar amount of monthly sales College Try needs in order to earn $275,000 in operating income (round the contribution margin ratio to two decimal places). 3. Prepare College Try's contribution margin income statement for June for sales of 490,000 cartons of calendars. What is June's margin of safety (in dollars)? What is the operating leverage factor at this level of sales? By what percentage will operating income change if July's sales volume is 15% higher? Prove your answer. 14. Requirement 1. Use the income statement equation approach to compute the number of cartons of calendars that College Try must sell each month to break even. Begin by determining the basic income statement equation = Operating income Using the basic income statement equation you determined above, solve for the number of cartons to break-even (Round the number of cartons up to the nearest whole carton.) The break-even sales is cartons. Requirement 2. Use the contribution margin ratio shortcut formula to compute the dollar amount of monthly sales College Try needs in order to earn $275,000 in operating income (round the contribution margin ratio to two decimal places). ])/ | = Target sales in dollars The monthly sales needed to earn $275,000 in operating income is $(Round interim calculations to two decimal places.) Requirement 3. Prepare College Try's contribution margin income statement for June for sales of 490,000 cartons of calendars College Try Contribution Margin Income Statement Month Ended June 30 I ! Operating income Requirement 4. What is June's margin of safety (in dollars)? What is the operating leverage factor at this level of sales? Begin by determining the formula for June's margin of safety (in dollars). Margin of safety (in dollars) The margin of safety is . What is the operating leverage factor at this level of sales? Begin by determining the formula. Operating leverage factor The operating leverage factor is (Round your answer to three decimal places.) Requirement 5. By what percentage will operating income change if July's sales volume is 15% higher? Prove your answer. (Round your answer to two decimal places.) If volume increases 15%, then operating income will increase 1%. Prove your answer. (Round the percentage to two decimal places.) Original volume (cartons) Add: Increase in volume New volume (cartons) Multiplied by: Unit contribution margin New total contribution margin Less: Fixed expenses New operating income vs. Operating income before change in volume Increase in operating income Percentage change %