A manufacturer of cedar shingles has supplied the following data:

Bundles of cedar shakes produced and sold		253,000
Sales revenue	$	2,049,300
Variable manufacturing expense	$	974,300
Fixed manufacturing expense	$	507,000
Variable selling and administrative expense	$	259,300
Fixed selling and administrative expense	$	293,000
Net operating income	$	15,700

The company's contribution margin ratio is closest to: (Do not round intermediate calculations. Round your answer to whole percentage.)

60%

32%

40%

68%