Sheridan sells a learning system that helps preschool and elementary students learn basic math facts and concepts. The company income statement from last month is as follows: Total Per unit Sales Revenue is $700,000 $50 Variable expenses $315,000 $22.50 Contribution margin $385,000 $27.50 Fixed expenses $250,250 Operating Income is $134,750 a. What is Sheridans contribution margin ratio? b1. Compute breakeven sales. b2. What is Sheridans margin of safety? c. If Sheridans sales were to increase by $100,000 with no change in fixed expenses, by how much would operating income increase? d. Sheridans managers have determined that variable costs per unit will increase by 20% beginning next month. To offset this increase in costs, they are considering a 12% increase in the sales price. Market research indicates that the price increase will result in a 2% decrease in the number of learning systems Sheridan sells. What will be Sheridans expected operating income if the price increase is implemented?