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Gallop Corporation prepared the following report for the first quarter of this year: $6,720,000 3,202,000 3,518,000 Sales (@ $2,800 per unit) Less: Cost of goods sold Gross margin Less: Selling expenses Administrative expenses Income $1,028,400 1,010,000 2,038, 400 $1,479,600 5:41:57 Gallop's controller, 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 Y per quarter per quarter + Mc Graw Hill 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 $ 0 0 Less: Fixed expenses 0 $ 0 Gallop Corporation prepared the following report for the first quarter of this year: $6,720,000 3,202,000 3,518,000 Sales (@ $2,800 per unit) Less: Cost of goods sold Gross margin Less: Selling expenses Administrative expenses Income $1,028,400 1,010,000 2,038, 400 $1,479,600 5:41:57 Gallop's controller, 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 Y per quarter per quarter + Mc Graw Hill 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 $ 0 0 Less: Fixed expenses 0 $ 0