Use the following data for the next five questions: Laurel Supply Company makes specialized products for automobile applications. Recently management introduced a new patented engine sensor device. The first year costs and revenues for the product were as follows: Selling price S400 per unit Direct materials $135 per unit Direct labor S 45 per unit During the second year Variable manufacturing overhead (MOH) $ 40 per unit Total fixed MOH $1,600,000 Variable selling and administrative $ 30 per unit Total fixed selling and administrative $500,000 Sales volume 25,000 units and sales, the company only sold 12,000 units of product, because a competitor produced and sold an identical Laurel Supply has filed a law suit against the competitor for patent infringement. What is the contribution margin and the contribution margin ratio for this product? $160 and 40.0 percent $150 and 375 percent $190 and 48.75 percent $150 and 625 percent