Gallop Corporation prepared the following report for the first quarter of this year Sales ( $3,100 per unit) Less Cost of goods sold Gross margin Less Selling expenses Administrative expenses Income $8,060,000 2.332.000 5,728,000 $1.092.000 1.140.000 2,232,000 $2,496,000 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 $1.070,000 . 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.) Cost of goods sold Seling expenses Y Y- per quarter per quarter X 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