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 $ 850,000 Cost of goods sold 535,000 Gross margin 315,000 Selling and administrative expenses Selling Administrative $ 114,000 132,000 246,000 Net operating income $ 69,000 On average, a book sells for $50. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 4% of sales with the remainder being fixed. The cost formula for selling and administrative expenses with "X" equal to the number of books sold is: Multiple Choice Y = $103,000+ $5.00X Y = $103,000 +$7.00x Y = $127,000 +$7.00x Y = $127,000 +$9.00X Drau Mout