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. (a) Your answer is correct. Prepare a contribution format income statement for January. (Round per unit cost to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) Sales Revenue 765,500 $ Variable Expenses Cost of Goods Sold 505,230 Selling Expense 19,903 Administrative Expense 38,275 lalalann Total Variable Expenses 563,408 Contribution Margin 202,092 Fixed Expenses Selling Expense 4,927 Administrative Expense + 11,865 Total Fixed Expenses 16,792 Operating Income 185,300(b) Your Answer Correct Answer V Your answer is 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.) Operating expenses = $ 184 x 16,792 eTextbook and Media Assistance Used Solution Assistance Used Attempts: 3 of 3 used (c ) If 3,500 coats are sold next month, what is the expected total contribution margin? (Round answer to O decimal places, e.g. 5,275.) Contribution margin $ eTextbook and Media Assistance Used eTextbook 1 eTextbook 2 Save for Later Attempts: 0 of 3 used Submit