The following is Allison Corporation's contribution format income statement for last month: Sales Less variable expenses Contribution margin Less fixed expenses Net income $ 800,000 300,000 500,000 400,000 100,000 The company has no beginning or ending inventories. The company produced and sold 10,000 units last month. What is the company's contribution margin ratio? (2 pts) 1) 62.5% 2) 160.0% 3) 500% 4) 20%