Universal's relevant range is sales of between $150,000 and $675,000. Read the requirements. Requirement 1. Prepare contribution margin income statements at sales levels of $240,000 and $390,000. (Hint: Use the contribution margin ratio.) Begin by preparing the contribution margin income statement at the $240,000 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)