A cement manufacturer has supplied the following data: Tons of cement produced and sold 680,000 Sales revenue $ 2,788,000 Variable manufacturing expense $ 1,156,000 Fixed manufacturing expense $ 760,000 Variable selling and administrative expense $ 272,000 Fixed selling and administrative expense $ 294,000 Net operating income $ 306,000 The company's contribution margin ratio is closest to:

Multiple Choice

A. 39.0%

B. 51.2%

C. 11.0%

D. 48.8%