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 Administrative Net operating income $ 102,000 108,000 $ 900,000 640,000 260,000 The contribution margin for Sam's Bookstore for the first quarter is: 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. The variable administrative expenses are 4% of sales with the remainder being fixed.

An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam"5 Bookstore Income Statement For Quarter Ended March 31 selling and administrative expenses selling $102,600 Administrative 188,000 218,000 Net operating income $50,000 On average, a book sells for $60. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable axiministrative expenses are 4% of sales with the remainder being fixed The contribution margin for Sam's Bookstore for the first quarter is