An income statement for Sam's Bookstore for the first quarter of the year is presented below: 09 Sam's Bookstore Income Statement For Quarter Ended March 31 Sales $ 910,000 Cost of goods sold 530,000 Gross margin 380,000 Selling and administrative expenses Selling $ 113,000 Administrative 130,000 243,800 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 fived The variable administrative expenses are 3% of sales with the remainder being fixed. The net operating income using the contribution approach for the first quarter is Multiple Choice $380,000 $315.000 $287.700 $137,000 RE