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Gallop Corporation prepared the following report for the first quarter of this year. Sales (@ $3,000 per unit) Less: Cost of goods sold Gross margin Less: Selling expenses Administrative expenses Income $8,400,000 3,222,890 5,178,000 $1,038,800 1,030,000 2,068,800 $3,199,200 Gallop's controller, Nancy Johnstone, studied the costs in detail, particularly focusing on cost behaviour. Her analysis revealed the following: . Fixed portion of the cost of goods sold for the quarter amounted to $1,122,000. . Of the selling expenses, 20% was variable with respect to the number of units. All of the administrative expenses were fixed. Required: 1. Express the cost of goods sold and the selling expenses in terms of cost equations. (Round the "Variable cost" to 2 decimal places.) Y = Cost of goods sold Selling expenses + Y = per quarter per quarter XX + Cost of goods sold Selling expenses Y= + Y= per quarter per quarter IX + X 4 2. Redo the above income statement using a contribution margin approach. (Do not round intermediate calculations.) GALLOP CORPORATION Income Statement For the First Quarter of this Year Less: Variable costs Less: Fixed expenses