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 $900,000 Cost of goods sold 555,000 Gross margin 345,000 Selling and administrative expenses Selling $118,000 Administration 140,000 258,000 Net operating income $ 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 administrative expenses are 5% of sales with the remainder being fixed. The cost formula for selling and administrative expenses with "X" equal to the number of books sold is: Multiple Choice O Y-$132.000 + $6.00X