Gallop Corporation prepared the following report for the first quarter of this year 37,280,000 3,242,090 4,033,000 Sales (e 52.899 per unit) Less: Cost of poods sold Gross margin Less: Selling expenses Administrative expenses Income $1,847,800 1,850,000 2,097,800 $1,943, 200 Gallop's controller, Nancy Johnstone, studied the costs in detall, particularly focusing on cosi behaviour Her anolysis revealed the following Fixed portion of the cost of goods sold for the quarter amounted to $1.214,000 Of the selling expenses, 20% was variable with respect to the number of units All of the administrative expenses were foxed . 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 per quarter per quarter Y = 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 Fooed expenses