An income statement for Carrol Food leading manufacturer of speciality dryfruit cookies for the first quarter of the current year is presented below:

Carrol Food Inc Income Statement For the First Quarter of the Current Year Sales $800,000 Less cost of goods sold 560,000 Gross margin 240,000 Less operating expenses: Selling $98,000 Administrative 98,000 196,000 Net income $44,000

On average, Cookies Foods Inc box sells for $50. Variable selling expenses are $5.50 per box, with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales, with the remainder being fixed.

The contribution margin for Carrol Food Inc for the first quarter is?