Check my work 15 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 $910,000 645,000 205,000 $103,000 110,000 213,000 $ 52,000 On average, a book sells for $65. Variable selling expenses are 56 per book with the remaining selling expenses being food. The variable administrative expenses are 5 of sales with the remainder being feed The contribution margin for Sams Bookstore for the first quarters Multiple Choice 5780,500 $135 500 O $774 500 S1BL000