Schmidt Men's Clothing's revenues and cost data for 2020 are as follows: (Click the icon to view the data.) Mr. Schmidthe owner of the store, is unhappy with the operating results. An analysis of other operating costs reveals that it includes $40,000 variable costs, which vary with sales volume, and $5,000 (fixed) costs. Read the Requirement 1. Compute the contribution margin of Schmidt Men's Clothing. Determine the formula to calculate the contribution margin, then enter the amounts in the formula to compute the contribution margin of Schmidt Men's Clothing. Requirements 1. Compute the contribution margin of Schmidt Men's Clothing. 2. Compute the contribution margin percentage. 3. Mr. Schmidt estimates that he can increase units soid, and hence revenues by 20% by incurring additional advertising costs of $14,000. Calculate the impact of the additional advertising costs on operating income. 4. What other actions can Mr. Schmidt take to improve operating income