A B 1 Universal Travel 2 Contribution Margin Income Statement Three Months Ended March 31 3 4 Sales revenue $ 425,000 85,000 5 Less: Variable expenses 6 Contribution margin 7 Less: Fixed expenses $ 340,000 170,000 8 Operating income $ 170,000 1. Prepare contribution margin income statements at sales levels of $240,000 and $450,000. (Hint: Use the contribution margin ratio.) 2. Compute breakeven sales in dollars. Universal Travel uses the contribution margin income statement internally. Universal's first quarter results are as follows: E (Click the icon to view the income statement.) Universal's relevant range is sales of between $100,000 and $675,000. Read the fequirements ... Requirement 1. Prepare contribution margin income statements at sales levels of $240,000 and $450,000. (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)