3. with complete solutions please

Question 3 1 pts Bidoof Books, Inc. is a major bookseller for four nearby colleges. The income statement for the quarter of the year is presented below: Bidoof Books, Inc Income Statement For the quarter ended September 30, 2021 Sales P 800,000 560,000 P 240,000 Less: Cost of Goods Sold Gross Margin Less: Operating Expenses Selling Expenses Administrative Expenses Net Operating Income P100,000 110,000 210,000 P30,000 On average, a book sells for P400. Cost of goods sold is entirely variable. Unit variable selling expenses are P30 per book; the remaining selling expenses are fixed. The variable administrative expenses are 5% of sales; the remainder of the administrative expenses are fixed. If 2,500 books are sold during the following quarter and this activity is within the relevant range, the company's EXPECTED CONTRIBUTION MARGIN would be amount to P