Gallop Corporation prepared the following report for the first quarter of this year. Sales (2,600 units @ $2,900 per unit) Less: Cost of goods sold $7,540,000 3,392,000 4,148,000 Gross margin Less Selling expenses Administrative expenses $ 1,124,000 1,200,000 2,324,000 Income $ 1,824,000 Gallop's controller, Nancy Johnstone, studied the costs in detail, particularly focusing on cost behaviou Her analysis revealed the following: Sixty-five percent of the cost of goods sold was variable with respect to the number of units. Of the selling expenses, $890,000 was fixed; the remaining was variable with respect to the nu of units All of the administrative expenses were fixed. Required: 1. Redo the above income statement using a contribution marain annroach