Required information An income statement for Crandall's Bookstore for the first quarter of the current year is presented below. CRANDALL'S BOOKSTORE Income Statement for the First Quarter of the Current Year 58ee, eee 560.ece 240, eee Sales Less: Cost of Goods Sold - all variable Gross Margin Less: Operating Expenses: Selling Administrative Operating Income $98, 98,000 196, eee $44.000 On average, a book sells for $50. Variable selling expenses are $5.50 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales, with the remainder being fixed. Using the contribution approach, what is the operating income for the first quarter? O $44.000 O $240.000 O $128,000 $152,000