A cement manufacturer has supplied the following data: Tons of cement produced and sold 225,000 Sales revenue $ 929,000 Variable manufacturing expense $ 298,000 Fixed manufacturing expense $ 283,000 Variable selling and administrative expense $ 166,500 Fixed selling and administrative expense $ 83,000 Net operating income $ 98,500 The company's contribution margin ratio is closest to: Multiple Choice 37.5% 50.0% 10.6% 69.5%