3 Waterway, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31: Sales revenue $789,000 Cost of goods sold 385,000 Gross margin 404,000 Operating expenses Selling expense $ 23,870 Administrative expense 50,000 73,870 Net operating income $ 330,130 Waterway sells its coats for $250 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 5% of sales. Prepare a contribution format income statement for January. (Round per unit cost to 2 decimal ph Per Unit Sales Revenue 789000 250 Variable Expenses Cost of Goods Sold 385000 Selling Expense 20514 6.50 Administrative Expense 39450 Total Variable Expenses Contribution Margin Fixed Expenses Selling Expense Administrative Expense Total Fixed Expenses 330130 Operating Income