An income statement for Crandall's Bookstore for the first quarter of the current year is presented below. CRANDALL'S BOOKSTORE Income Statement for the First Quarter of the Current Year $800,00 560.00 240,000 Sales Lesst Cost of Goods Sold - all variable Gross Margin Less: Operating Expenses Selling Administrative Operating Income 598,00 98,000 196.00 $44. On average, a book sells for $50. Variable selling expenses are $5.50 per book, with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales, with the remainder being fixed. that is the contribution margin for Crandall's Bookstore for the first quarter? Multiple Choice 5128,000 $240,000 5152.000 5688.000