An income statement for Sam's Bookstore for the first quarter of the year is presented beloww Sam's Bookstore Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross margin Selling and administrative expenses $950,00 658,800 300,000 $104,000 Selling Administration 112,000 216,00e $ 84,000 Net operating income On average, a book sells for $50 Variable selling expenses are $4 per book with the remaining selling expenses being administrative expenses are 3% of sales with the remainder being fixed ing selling expenses being fixed The variable The cost formula for selling and administrative expenses with "X equal to the number of books sold is Multiple Choice