Nikkel Corporation, a merchandising company, reported the following results for July:

Sales $407,000

Cost of goods sold (all variable) $173,400

Total variable selling expense $20,400

Total fixed selling expense $22,200

Total variable administrative expense $14,800

Total fixed administrative expense $39,700

The gross margin for July is (pick one):

$233,600

$345,100

$198,400

$136,500