An income statement for Sam's Bookstore for the first quarter of the year is presented below Sam's Bookstore Income Statement For Quarter Ended March 31 Sales $910,000 530,000 Cost of goods sold Gross margin Selling and administrative expenses Selling Administration 380,000 $113,000 130,000 243 , 000 Net operating income $137,000 On average, a book sells for $70. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales with the remainder being fixed. The contribution margin for Sam's Bookstore for the first quarter is: Multiple Choice $315,000 $817700 $287700 $622,300