An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sales Cost of goods sold Gross margin Selling and administrative expenses Selling Administrative Net operating income Sam's Bookstore Income Statement For Quarter Ended March 31 Multiple Choice $758,800 $213,800 $ 116,000 136,000 On average, a book sells for $60. 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: $ 840,000 545,000 295,000 252,000 $ 43,000

An income statement for Sam's Bookstore for the first quarter of the year is presented below: On average, a book sells for $60. Variable selling expenses are $4 per book with the remaining selling expenses being foxed. The variable administrative expenses are 3% of sales with the remainder being fixed. The contribution margin for Som's Bookstore for the first quarter is: Muitiple Choice $758,800 $213,800