The Vice President for Sales and Marketing at Waterways Corporation is planning for production needs to meet sales demand in the coming year. He is also trying to determine how the compary's profits might be increased in the coming year. This problem asks you to use cost-volume profit concepts to help Waterways understand contribution margins of some of its products and decide whether to mass produce any of them. Waterways markets a simple water control and timer that it mass-produces, Last year, the compamy sold 751,000 units at an average selling price of $4,90 per unit. The variable costs were $2,575,930, and the foxed costs were $772,779 (a1) What is the product's contribution margin ratio? (Round rotio to 0 decimol ploces, es. 25\%.) Coritribution margin ratio