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 560,000

Gross margin 350,000

Selling and administrative expenses

Selling $ 119,000

Administration 142,000 261,000

Net operating income $ 89,000

On average, a book sells for $65. Variable selling expenses are $4 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales with the remainder being fixed.

What is The contribution margin for Sam's Bookstore for the first quarter ?