RUN-76736 Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Selling Administration Net operating income $ 99,200 33,600 65,600 $25,400 14,976 40,376 $ 25,224 On average, an athletic shoe sells for $62 Variable selling expenses are $9 per athletic shoe, and the remaining selling expenses are fixed. The variable administrative expenses are 3% of sales with the remainder being fixed. How much is the total contribution margin for RUN-76736 for the first quarter? $96,224 $48,224 $84,800 $81.824