Requirement 1. Prepare contribution margin income statements at sales levels of $170,000 and $430,000.(Hint: Use the contribution margin ratio.) Begin by preparing the contribution margin income statement at the $170,000 level. (Round the variable expense rate to the nearest whole percent. Enter losses with a minus sign or parentheses.)

Countrywide Travel
Contribution Margin Income Statement
Three Months Ended March 31
	Sales revenue
	Less: Variable expenses
	Contribution margin
	Less: Fixed expenses
	Operating income (loss)