J Crane, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31: Sales revenue $ 765,500 Cost of goods sold 505,230 Gross margin 260,270 Operating expenses Selling expense $ 24,830 Administrative expense 50,140 74,970 Net operating income $ 185,300 Crane 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.Prepare a contribution format income statement for January. (Round per unit cost to 2 decimal places, e-3. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) Sales Revenue $ 765,500 $ 250 4} Variable Expenses l Cost of Goods Sold 3 505.230 19,903 165.00 Selling Expense 6 50 [ Administrative Expense 38,275 $ 12.50 I Total Variable Expenses 563,408 Contribution Margin 202.092 $ 66.00 4} 184.00 4) Fixed Expenses 4) Selling Expense 4,927 l Administrative Expense 11.865 Total Fixed Expenses 16.792 1} {:5- Operating Income 185,300 (b) I Your answer is partially correct. Using the format y = mx + b, develop a cost formula for total expenses. (Round unit cost to 2 decimal places, e.g. 52. 75 and all other answers to 0 decimal places, e.g. 5,275.) eTextbook and Media Assistance Used Save for Later Attempts: 2 of 3 used