Chapter Quiz 3 (Cumulstive)6 Help Save& ExitSubmit income statement for Sam’s Bookstore for the first quarter of the year is presented below 7 Sam’s Bookstore Income Statement For Quarter Ended March 31 Sales Cost of goods sold Gross margin Selling and adninistrative expenses $880,000 550,000 330,000 025927 Selling Administration $117,000 138,000 255,000 $ 75,000 Net operating income On average, a book sells for $55. Varisble selling expenses are $5 per book with the remaining selling expenses being flxed. The variable administrative expenses are 4% of sales with the remainder being fixed The net operating income using the contribution approach for the first quarter is Multiple Choice $250,000 $75,000