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 Cost of goods sold Gross margin Selling and administrative expenses Selling $ 102,00 Administrative 108, eee Net operating income $ 9ee, eee 64, 260,000 210,000 $ 50,000 On average, a book sells for $60. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. expenses are 4% of sales with the remainder being fixed. The contribution margin for Sam's Bookstore for the first quarter is: Multiple Choice 5185 000 $149,000