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 $ 1,000,000 665,000 335,000 Cost of goods sold Gross margin Selling and administrative expenses Selling Administrative Net operating income $ 107,000 118,000 225,000 $ 110,000 On average, a book sells for $50. 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. The contribution margin for Sam's Bookstore for the first quarter is: Multiple Choice $775,000 The contribution margin for Sam's Bookstore for the first quarter is: Multiple Choice O $775.000 $255,000 $890,000 $225,000