A manufacturer of tiling grout has supplied the following data:

Kilograms produced and sold	480,000
Sales revenue	$ 1,830,000
Variable manufacturing expense	$ 942,000
Fixed manufacturing expense	$ 230,000
Variable selling and administrative expense	$ 358,000
Fixed selling and administrative expense	$ 196,000
Net operating income	$ 104,000

The company's contribution margin ratio is closest to:

• 48.5%

• 80.4%

• 29.0%

• 76.7%