Schaefer Company has no beginning and ending inventories, and reports the following data about its only product:

Direct materials used $200,000

Direct labor $80,000

Fixed indirect manufacturing $100,000

Fixed selling and administrative $150,000

Variable indirect manufacturing $20,000

Variable selling and administrative $60,000

Selling price(per unit) $50

Units produced and sold 10,000

Schaefer Company uses the contribution approach to prepare the income statement. What is the contribution margin?

Group of answer choices

$100,000

$140,000

$200,000

$220,000