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An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling $ 119 , Administrative 142,000 Net operating income $ 910,000 560,000 350,000 261,000 $ 89,000 On average, a book sells for $65. Variable selling expenses are $4 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales with the remainder being fixed The contribution margin for Sam's Bookstore for the first quarter is: An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling $ 119,000 Administrative 142 , Net operating income $ 910,000 560,000 350,000 261,000 $ 89,000 On average, a book sells for $65. Variable selling expenses are $4 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales with the remainder being fixed. The contribution margin for Sam's Bookstore for the first quarter is: Muluple Choice W $266.700 Multiple Choice $266,700 $826,700 $643,300 $294.000