Exercise 5-1 The Effect of Changes in Activity on Net Operating Income (LO5-1) Whirly Corporation's contribution format income statement for the most recent month is shown below: Total $ 254,100 138,600 115,500 55,000 $ 60,500 Per Unit $ 33.00 18.00 $ 15.00 Sales (7,700 units) Variable expenses Contribution margin Fixed expenses Net operating income Required: (Consider each case Independently): 1. What would be the revised net operating income per month if the sales volume increases by 70 units? 2. What would be the revised net operating income per month if the sales volume decreases by 70 units? 3. What would be the revised net operating income per month if the sales volume is 6,700 units? 1. Revised not operating incomo 2. Revised net operating income 3. Revised net operating income Exercise 5-4 Computing and using the CM Ratio (LO5-3) Last month when Holiday Creations, Inc., sold 44,000 units, total sales were $289,000, total variable expenses were $216,750, and fixed expenses were $37,300. Required: 1. What is the company's contribution margin (CM) ratio? 2. What is the estimated change in the company's net operating income if it can increase total sales by $2,200? (Do not round Intermediate calculations.) 1. Contribution margin ratio 2. Estimated change in not operating incomo