A cement manufacturer has supplied the following data:

Tons of cement produced and sold		230,000
Sales revenue	$	934,000
Variable manufacturing expense	$	285,000
Fixed manufacturing expense	$	286,000
Variable selling and administrative expense	$	135,300
Fixed selling and administrative expense	$	84,000
Net operating income	$	143,700

The company's contribution margin ratio is closest to:

Multiple Choice

69.4%

55.0%

38.9%

15.4%