5800,000 560.00 240.000 Sales Lesst Cost of Goods Sold - all variable Gross Margin Less: Operating Expenses: Selling Administrative Operating Income 598,000 98,00 $44.00 On average, a book sells for $50. Variable selling expenses are $5.50 per book, with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales, with the remainder being fixed Using the contribution approach, what is the operating income for the first quarter? Multiple Choice $128.000 O $152,000 $44.000 $240.000