Connect Saved Help Save & Exit 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 Cost of goods solod Gross margin Selling and administrative expenses $840,000 525,000 315,000 s112,000 Selling Administration 128,000240,000 $ 75,000 Net operating income On average, a boo being fixed. The variable administrative k sells for $60. Variable selling expenses are $6 per book with the remaining selling expenses expenses are 5% of sales with the remainder being fixed. The net operating income using the contribution approach for the first quarter is