Nikkel Corporation, a merchandising company, reported the following results for July:
Sales $407,000
Cost of goods sold (all variable) $173,400
Total variable selling expense $20,400
Total fixed selling expense $22,200
Total variable administrative expense $14,800
Total fixed administrative expense $39,700
The gross margin for July is (pick one):
$233,600
$345,100
$198,400
$136,500