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Jo Corp. is a merchandiser (just buys and sells books, does not make them!). It's income statement for the second quarter of the year is below: Corp. Income Statement For Quarter Ended June 30 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling Administration Net operating income $910,000 565,000 345,000 $120,000 144,000 264,000 $ 81,000 On average, a book sells for $70. (# .CO's variable selling expenses are $5 per book with the remaining selling expenses being fixed. 50s variable administrative expenses are 4% of sales with the remainder being fixed. Q. What is the contribution margin for Corp. for the second quarter? Multiple Choice O $243,600 $666,400 ( ) $808,600 O $280,000