Gallop Corporation prepared the tollowing report for the first. quarter of 2015: 2. Redo The above income statement using a corrln outlon margin approach Sales @500 unils @ $2.3m per unit) is 7.000.000 Less Cost ofgoods sold 1840.000 L... _ Selling expenses 151024.000 Less. Variable costs _ Administrative expenses 1,000.000 2.024.000 _ Income $1,136.000 Gallop's controller, Nancy Johnstone, studied the costs in detail, particularly focusing on cost behawour Her analysis revealed the following: Sixty-ve percent of the cost of goods sold was variable With respect to the number of units Ofthe selling expenses. 0800.000 was tixed, the remaining was variable with respect to the number ' of units. All of the administrative expenses were xed Required: 1. Express the cost of goods sold and the selling expenses in ten'ns ofcost equations. {Round the \"Variable cost" to 2 decimal places.)