Leete Inc Reported the Following Results from Last Year's Operations

Multiple Choice

Leete Inc. reported the following results from last year's operations: $\begin{array}{lr}\text { Sales } & \$ 14,000,000 \\\text { Variable expenses } & 9,660,000 \\\text { Contribution margin } & 4,340,000 \\\text { Fixed expenses } & 2,940,000 \\\text { Net operating income } & \$ 1,400,000 \\\end{array}$ Last year's margin was closest to:

A) 79.0%
B) 31.0%
C) 20.0%
D) 10.0%