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 sold10,000

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