City Flower Store sells bouquets for $20 each. Its Cost of Goods Sold is entirely variable at $12 per bouquet. The company's variable selling and administrative expenses are 8% and 5% of dollar sales, respectively. The company's fixed administrative expenses decreased 15% during Year 2 due to the addition of new software that streamlines the order and delivery process. The following is City Flower's income statement for year 1. $20,000 12,000 8,000 Sales Cost of Goods Sold Gross Margin Selling and administrative expenses Selling Administrative Net Operating Income $2,500 3,000 5,500 $2,500 If City sells 1,500 bouquets in Year 2, what is City's contribution margin