Exam-Chapter 1 7 3 points Saved Here is the income statement for Finch's Bookstore for the first quarter of the year: Finch's Bookstore Income Statement For Quarter Ended March 31 Sales $ 950,000 Cost of goods sold 00:26:14 Gross margin 650,000 300,000 Selling and administrative expenses Selling Administrative $ 104,000 112,000 216,000 $ 84,000 Help Save & Exit Submit Net operating income On average, a book sells for $50. 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. What is the contribution margin for Finch's Bookstore for the first quarter? Multiple Choice O $195,500 $754,500 $224,000 $845,500