Required information The Foundational 15 (Static) [LO10-1, LO10-2] [The following information applies to the questions displayed below] Westerville Company reported the following results from last year's operations: Sales Variable expenses Contribution margin Fixed expenses $1,000,000 300,000 700,000 Net operating income Average operating assets 500,000 $ 200,000 $625,000 At the beginning of this year, the company has a $120,000 investment opportunity with the following cost and revenue characteristics: Sales Contribution margin ratio. Fixed expenses $ 200,000 60 % of sales $ 90,000 The company's minimum required rate of return is 15% Foundational 10-1 (Static) Required: 1. What is last year's margin? Margin