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 Cost of goods sold Gross margin Selling and administrative expenses Selling Administration Net operating income $880,000 540,000 340,000 $115,000 134,000 249,000 $ 91,000 On average, a book sells for $55. Variable selling expenses are $6 per book with the remaining selling expenses being fixe The cost formula for selling and administrative expenses with "X" equal to the number of books sold is: Multiple Choice O Y = $135.000 - $6.00x O Y = $135.000 - $8.75X O O Y = $109.000 - $8.75X O O O Y = $109,000 - $11.50X