TB MC Qu. 1-253 An income statement for Sam's Bookstore for ... 5 An Income statement for Sam's Bookstore for the first quarter of the year is presented below. 10 pois 8 12018 Sam's Bookstore Income Statement For Quarter Ended March 31 Sales $880,000 Cost of goods sold 540,000 Gross margin 340,000 Selling and administrative expenses Selling $115,000 Administration 134,000 249,000 Net operating income $ 91,000 On average, a book sells for $55. Variable selling expenses are $6 per book with the remaining selling expenses being fixed. The variable administrative experties are 5% of sales with the remainder being feed The contribution margin for Sam's Bookstore for the first quarter is