An income statement for Tommy's Bookstore for the first quarter of the year is presented below: Tommy'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 expenses are 5% of sales with the remainder being fixed. The contribution margin for Tommy's Bookstore for the first quarter is: