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 1,000,000 Cost of goods sold 665,000 Gross margin 335,000 Selling and administrative expenses Selling $ 107,000 Administrative 118,000 225,000 $ 110,000 Net operating income On average, a book sells for $50. 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