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 $ 117,000 Administrative 138,000 Net operating income $ 880,000 550,000 330,000 255,000 $ 75,000 On average, a book sells for $55. 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 contribution margin for Sam's Bookstore for the first quarter is: Multiple Choice $665.200 . 5 of 10 ! diyor soms Bookstore for the first quarter is Multiple Choice $665 200 $214,800 O $764.800 $250,000