An income statement for Sam's Bookstore for the first quarter of the year is presented below. San's Bookstore Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling Administration Net operating income $84e, eee 525, eee 315,000 $112, eee 128,eee 240, eee $ 75,000 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 contribution margin for Sam's Bookstore for the first quarter is: Multiple Choice o $231,000 o s714.000 S714,000 o S189.000 S651.000