Sorin Inc., a company that produces and sells a single product, has provided its contribution format income statement for January.

Sales (4,200 units)

$

155,400

Variable expenses

100,800

Contribution margin

54,600

Fixed expenses

42,400

Net operating income

$

12,200

The contribution margin ratio is closest to:

A) 78%

B) 35%

C) 22%

D) 54%