1 Elm, Inc. had the following income statement for the last period: Sales $50,000 Cost of Sales (Manufacturing) $24,000 Selling and General Administrative $6000 Net Income $20,000 If the cost of sales was 75% variable and 25% fixed, and Selling and General Expense was 60% variable and 40% fixed. What is the contribution margin ratio? A. 0.723 B. 0.655 C. 0.568 D. 0.833