Trendy Toes Co produces sports socks. The company has fixed costs of $80,000 and variable costs of $0.96 per package. Each package sells for $1.60. Requirements 1. Compute the contribution margin per package and the contribution margin ratio. (Round your answers to two decimal places.) 2. Find the breakeven point in units and in dollars, using the contribution margin approach Requirement 1. Compute the contribution margin per package and the contribution margin ratio Begin by selecting the labels and entering the amounts to compute the contribution margin per package. (Round all amounts to two decimal places . Abbreviation used CM= contribution matgin.) Now select the labets and enter the amounts to calculate the contribution margin ratio. (Enter amounts in the formula to two decimal places. Enter the contribution margin ratio as a whole percentage, X%. Abbreviation used CM= contribution margin.) Begin by selecting the labels and entering the amounts to find the breakeven point in units, using the contribution margin approach. (Enter amounts in the formula to two decimal places Enter a "0" for any zero amounts. Abbreviation used CM= contribution margin.) Now find the breakeven point in dollars using the contribution margin approach. Begin by selecting the formula, and in the next step. enter the amounts and calculate breakeven point in dollars. (Enter a " 0 " for any zero amounts)