Help Gallop Corporation prepared the following report for the first quarter of this year Sales ( $3,000 per unit) Lost Cost of goods sold Cross margin Less: Selling expenses Administrative expenses Income $8,400,000 3.282.000 5,118,000 $1,068,200 1,090,000 2.158, 200 $2,959,800 Gallop's controlter, 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 "Variable cost" to 2 decimal places.) Cost of goods sold Selling expenses Y Ya per quarter per quarter 2. Redo the above income statement using a contribution margin approach. (Do not round intermediate calculations.) GALLOP CORPORATION Income Statement For the First Quarter of this Year Less: Variable costs Less: Fbced expenses