Requirement 5. By what percentage will operating income change if July's sales volume is 12% higher? Prove your answer. (Round your answer to two decimal places.) If volume increases 12%, then operating income will increase 16.68 %. Prove your answer. (Round the percentage to two decimal places.) Original volume (cartons) 490,000 58,800 Add: Increase in volume 548,800 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 % College Spirit 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, 72% is cost of goods sold, while the remaining 28% relates to variable ope Question Viewer College Spirit sells each carton of calendars for $11.50. Requirements 1. Use the income statement equation approach to compute the number of cartons of calendars that College Spirit must sell each month to break even. 2. Use the contribution margin ratio shortcut formula to compute the dollar amount of monthly sales College Spirit needs in order to earn $275,000 in operating income (round the contribution margin ratio to two decimal places). 3. Prepare College Spirit's contribution margin income statement for June for sales of 490,000 cartons of calendars. 4. What is June's margin of safety (in dollars)? What is the operating leverage factor at this level of sales? 5. By what percentage will operating income change if July's sales volume is 12% higher? Prove your