Sam's Bookstore Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling $ 106,eee Administrative 116,00 Net operating income $ 950,000 660,000 290,000 222,000 $ 68,000 On average, a book sells for $50. Variable selling expenses are $4 per book with the remaining selling expenses being fixed. The variable administrative expenses are 5% of sales with the remainder being fixed. The contribution margin for Sam's Bookstore for the first quarter is: Multiple Choice $826.500 o $214.000 Net operating income On average, a book sells for $50. Variable selling expenses are $47 expenses are 5% of sales with the remainder being fixed. The contribution margin for Sam's Bookstore for the first quarter is: Multiple Choice $826,500 $214,000 $166,500 $783,500