f Ch 2: Homework - PDR Question 1 of 15 - 71 J Concord, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31: $ 791,000 363,860 427,140 Sales revenue Cost of goods sold Gross margin Operating expenses Selling expense Administrative expense Net operating income $ 24,390 49,890 74,280 $ 352,860 Concord sells its coats for $250.00 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 places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) Per Unit Sales Revenue $ 791000 $ 250 Variable Expenses Cost of Goods Sold 363860 Selling Expense 6.50 Administrative Expense 39550 $ Total Variable Expenses Contribution Margin $ Total Fixed Expenses : Selling Expense Administrative Expense Total Fixed Expenses Operating Income $