A cement manufacturer has supplied the following data: Tons of cement produced and sold 220,000 $924,000 Sales revenue Variable manufacturing expense Fixed manufacturing expense Variable selling and administrative expense Fixed selling and administrative expense $297,000 $280,000 $165,000 $82,000 Net operating income $100,000 The company's contribution margin ratio is closest to: The company's contribution margin ratio is closest to: Multiple Choice 40.0% 50.0% 60.0% 10.7%