Gallop Corporation prepared the following report for the rst quarter of this year: Sales (@ $2,866 per unit) $6,726,666 Less: Cost of goods sold 3,262,666 Gross margin 3,513,666 Less: Selling expenses $1,628,466 Administrative expenses 1,616,666 2,633,466 Income $1,4?9,666 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 $1,042,000. - Ofthe 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 per quarter Selling expenses per quarter 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} -I-_ Z Redo the above income statement using a contribution margin approach. (Do not round intermediate calculations.) Less: Fixed expenses _