blank.co Corp. is a merchandiser (just buys and sells books, does not make them!). It's income statement for the second quarter of the year is below: blank.co Corp. Income Statement For Quarter Ended June 30 Sales $880,000 550,000 330,000 Cost of goods sold Gross margin Selling and administrative expenses Selling Administration $117,000 138,000 255,000 Net operating income $ 75,000 On average, a book sells for $55. blank.co variable selling expenses are $5 per book with the remaining selling expenses being fixed. blank.co variable administrative expenses are 4% of sales with the remainder being fixed. Q. What is the contribution margin for blank.co Corp. for the second quarter? Multiple Choice $214,800 $665,200