A cement manufacturer has supplied the following data: Tons of cement produced and sold 240,000 Sales revenue $944,000 Variable manufacturing expense $225,000 Fixed manufacturing expense $292,000 Variable selling and administrative expense $105,400 Fixed selling and administrative expense $86,000 Net operating income $235,600 The company's contribution margin ratio is closest to:

The company's contribution margin ratio is closest to:

45.2%

65.0%

69.1%

25.0%