7 An income statement for Sam's Bookstore for the first quarter of the year is presented below. Sam's Bookstore Income Statement For Quarter Ended March 311 Sales $ 1,000,000 Cost of goods sold Gross margin 665,000 335,000 Selling and administrative expenses Selling $ 107,000 118,000 Help Save & Exit Administrative Net operating income 225,000 $110,000 On average, a book sells for $50. Variable selling expenses are $4 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales with the remainder being fixed. The contribution margin for Sam's Bookstore for the first quarter is: Multiple Choice $255,000 Octoring Enabled: Quiz 1- Chapters 1, 2, and 3 7 On average, a book sells for $50. Variable sel administrative expenses are 3% of sales with t The contribution margin for Sam's Bookstore f Multiple Choice $255,000 $225,000 $775,000 $890,000