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 Cost of goods sold 530,000 Gross margin 380,000 Selling and administrative expenses Selling Administrative $ 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: