An Income statement for Sant Bookstore for the first quarter of the year is presented below San's Bookstore Income Statement For Quarter Ended March 31 Sales $930,000 Cost of goods sold 655,000 Gross margin 275,000 Selling and administrative expenses Selling $ 105,000 Administrative 114,000 219.000 Net operating income $ 56.000 On average a book sels for $60. Variable selling expenses are $5 per book with the remaining ingerences being feed the leven the remainder being wed The cost formula for selling and administrative expenses wel to the number of books told -590.300.350OX