J Waterway, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31:

Sales revenue$789,000

Cost of goods sold 385,000

Gross margin 404,000

Operating expenses

Selling expense$23,870

Administrative expense 50,000 73,870

Net operating income$330,130

Waterway 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.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.)