Gallop Corporation prepared the following report for the first quarter of this year: Gallop's controllec, 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 $1,042,000. - 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 "Varlable cost" to 2 decimat places.) 2. Redo the above income statement using a contribution margin approach. (Do not round intermediate calculations.) Required: 1. Express the cost of goods sold and the selling expenses in terms of cost equations. (Round the "Varlable cost" to 2 decimal pleces.) 2. Redo the above income statement using a contribution margin approach. (Do not round intermediate calculations.)