Question: Exercise 5-1 (Algo) Computing the CM Ratio and Variable Expense Ratio [LO5-1] Last month when Holiday Creations, Incorporated, sold 36,000 units, its sales, variable expenses,

Exercise 5-1 (Algo) Computing the CM Ratio and Variable Expense Ratio [LO5-1] Last month when Holiday Creations, Incorporated, sold 36,000 units, its sales, variable expenses, and fixed expenses were $144,000, $102,240, and $35,500, respectively. Required: 1. What is the company's contribution margin (CM) ratio? 2. What is the company's variable expense ratio? Note: Do not round intermediate calculations

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