TB MC Qu. 1-255 An Income statement for Sam's Bookstore for ... An income state for Sam's Bookstore for the first quarter of the year is presented below Sam's Bookstore Income Statement For Quarter Ended march 31 $800,000 540.000 Cost of goods sold Gross margin Selling and administrative expenses Selling Administration Net operating income $115,000 134,000 249,000 $ 91,000 On average, a book sells for $55. Variable selling expenses are $6 per book with the remaining selling expenses being fed. The variable administrative expenses are 5% of sales with the remainder being red The cost formula for selling and administrative expenses with equal to the number of books sold Multiple Choice O Y -$135,000 $6.00x O 0 Y 5109,000 $8.75X O 0 Y - $109,000 $11.50X O 0 Y - $135,000 $8.75X