Universal Travel uses the contribution margin income statement internally. Universal's first quarter results are as follows: LOADING...(Click the icon to view the income statement.) Universal's relevant range is sales of between $ 105 comma 000 and $ 650 comma 000. Read the requirementsLOADING.... Requirement 1. Prepare contribution margin income statements at sales levels of $ 180 comma 000 and $ 420 comma 000. (Hint: Use the contribution margin ratio.) Begin by preparing the contribution margin income statement at the $ 180 comma 000 level. (Round the variable expense rate to the nearest whole percent. Enter losses with a minus sign or parentheses.) Universal Travel Contribution Margin Income Statement Three Months Ended March 31 Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses Operating income (loss)

Universal Travel

Contribution Margin Income Statement

Three Months Ended March 31

Sales revenue

$450,000

Less: Variable expenses

171,000

Contribution margin

$279,000

Less: Fixed expenses

173,600

Operating income

$105,400