A manufacturer of tiling grout has supplied the following data:

Kilograms produced and sold	440,000
Sales revenue	$1,870,000
Variable manufacturing expense	$946,000
Fixed manufacturing expense	$238,000
Variable selling and administrative expense	$346,000
Fixed selling and administrative expense	$204,000
Net operating income	$136,000

The company's contribution margin ratio is closest to:

49.4%

81.5%

30.9%

76.4%