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Black Pearl, Inc., sells a single product. The company's most recent income statement is given below. Sales $50,000 Less variable expenses 30,000 Contribution margin 20,000 Less fixed expenses 12,500 Net income $7.500 Required: a. Contribution margin ratio is A. 45% B. 55% C. 40% D. $50% b. Breakeven point in total sales dollars is A. $45,000 B. $38,300 C. $31,250 D. $52,000 c. To achieve $40,000 in net income, sales must total A. $115,000 B. $125,900 C. $119,600 D. $131,250 d. If sales increase by $50,000, net income will increase by A. $20,000 B. $35,000 C. $15,000 D. $45,000