Please, provide step-by-step solution if possible

If sales are $799,917, variable costs are 71% of sales, and operating income is $258,967, what is the contribution margin ratio?

Select the correct answer.

29%

71%

32%

68%

Calzone Co. has budgeted salary increases to factory supervisors totaling 8%. If selling prices and all other cost relationships are held constant, next year's break-even point:

a. will decrease by 8%.

b. will increase by 8%.

c. will increase at a rate greater than 8%.

d. cannot be determined from the data given.

The contribution margin ratio is:

a. the same as profit.

b. the same as the variable cost ratio.

c. the same as the profit-volume ratio.

d. the portion of equity contributed by the stockholders.