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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 $910,000
Cost of goods sold 560,000
Gross margin 350,000
Selling and administrative expenses Selling $119,000
Administration 142,000 261,000
Net operating income $89,000
On average, a book sells for $65. 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.
Question 1: The contribution margin for Sam's Bookstore for the first quarter is
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