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 $840,000 Cost of goods sold 545,000 Gross margin 295,000 Selling and administrative expenses Selling$116,000 Administration 136,000 252,000 Net operating income $43,000 On average, a book sells for $60. 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: