The following data and information are provided for East Coast Incorporated. Use net income after taxes as margin. East Coast Incorporated proforma data and information for the upcoming operating year: Selected data Average total assets =$5,000,000 Average inventory =$1,000,000 Average days in accounts receivable =24 Fixed expenses =$4,000,000 Variable expenses =$5,000,000 Average price per unit sold =$100 Cost of equity =14% Average accounts payable: $250,000 Average balance Bank loan \#1: $1,000,000 at 7% interest Average balance Bank loan \#2: $750,000 at 8% interest Question 24 0/0.63 pts Use the data/information sheet in Canvas Files for Quiz 6 on East Coast Incorporated for answering questions 2030. 24. What is the company's contribution margin ratio? Using the contribution margin ratio: if sales revenue were to increase by $1, how much would net operating income increase? Assume that sales revenue remains in the relevant range for fixed expenses. 60% and 40 cents 50% and 50 cents 60% and 60 cents 55% and 55 cents