Gallop Corporation prepared the following report for the first quarter of this year Sales (2.400 units @ $2,700 per unit) Less: Cost of goods sold $6,480,000 3.232 000 3,248,000 Gross margin Less Selling expenses Administrative expenses $ 1.044 000 1.040,000 2,084,000 Income $1,164,000 Gallop Corporation prepared the following report for the first quarter of this year Sales (2.400 units @ $2,700 per unit) Less: Cost of goods sold $6,480,000 3.232 000 3,248,000 Gross margin Less Selling expenses Administrative expenses $ 1.044 000 1.040,000 2,084,000 Income $1,164,000