J Bryant, Ltd. is a local coat retailer. The stores accountant prepared the following income statement for the month ended January 31. Sales revenue $ 788,000 Cost of goods sold 366,500 Gross margin 421,500 Less operating expenses Selling expense $ 23,990 Administrative expense 50,010 74,000 Net operating income $ 347,500 Bryant sells its coats for $250 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 5% of sales. (a) Prepare a contribution format income statement for January