An income statement for Sam's Bookstore for the first quarter of the year is presented below. Sam's Bookstore Income Statement FOL Quarter Ended March 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling $ 118,000 Administrative 140,000 Net operating income $ 900,000 555,000 345,000 258,000 $ 87,000 On average, a book sells for $60. Variable selling expenses are $6 per book with the remaining selling expenses being fixed. The variable e administrative expenses are 5% of sales with the remainder being fixed The contribution margin for Sam Bookstore for the first quarter is