Gallop Corporation prepared the following report for the first quarter of this year. Sales (e $2,900 per unit) 48, 120 00 Gross margin 4,808 090 Selling expenses Administrative xpenses Income $1,078, 690 EN $2,610, 800 Gallop's controller, Nancy Johnstone, studied the costs in detail, particularly focusing on cost behaviout. Her analysis revealed the following: Fixed portion of the cost of goods sold for the quarter amounted to $1,072,000. 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 + X Y= per quarter per quarter + X 2 Redo the above income statement using a contribution margin approach. (Do not round intermediate calculations.) 509 Less: Variable costs $ 0 0 Less: Fixed expenses $ 0 Gallop Corporation prepared the following report for the first quarter of this year. TAWA sales ca $2,999 per unit) Less cost of goods sold Gross margin Lesso Selling expenses Administrative expenses Income $8,120,000 312000 4,808 000 $1,078,000 1 120 00 2 098 990 $2,610, 800 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 $1,072,000. 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" 10 2 decimal places.) Y= + X Cost of goods sold Selling expenses per quarter per quarter y = + X 2 Redo the above income statement using a contribution margin approach (Do not round intermediate calculations.) 53 Less: Variable costs 0 0 Less: Fixed expenses $