A manufacturer of tiling grout has supplied the following data:

Kilograms produced and sold	300,000
Sales revenue	$1,950,000
Variable manufacturing expense	$960,000
Fixed manufacturing expense	$266,000
Variable selling and administrative expense	$360,000
Fixed selling and administrative expense	$232,000
Net operating income	$132,000

The company's contribution margin ratio is closest to:

67.7%

74.2%

32.3%

25.8