An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement For Quarter Ended March 31 Sales $980,000 Cost of goods sold 680,000 Gross margin 300,000 Selling and administrative expenses Selling $ 110,000 Administration 124,000 234,000 Net operating income $ 66,000 On average, a book sells for $70. Variable selling expenses are $4 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales with the remainder being fixed. The contribution margin for Sam's Bookstore for the first quarter is