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.

54%

b.

22%

c.

35%

d.

78%