Pictures contain question. Thank you so much for your help it is very much appreciated.
Gallop Corporation prepared the following report for the first quarter of this year: Sales (@ $2, 900 per unit) $7, 540, 080 Less: Cost of goods sold 3, 392, 000 Gross margin 4, 148, 090 Less : EXD 0159:15 Selling expenses $1, 123, 200 Administrative expenses 1, 200, 000 2, 323, 200 Income $1, 824, 800 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 $1,052,000. 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 Y = per quarter X Selling expenses Y= per quarter XIn1 McGraw-Hill Connect X 5 Question 1 - Final Exam Fall 2021 x *Homework Help - Q&A from Onlir x C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%25 BOD III MyMohawk Ill MyCanvas @ Mohawk Email [ Hotmail Citation Machine:. Course Hero | M Final Exam Fall 2021 @ Saved 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 Y = per quarter Selling expenses per quarter 01:59:47 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 Less: Fixed expenses2 Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales 23, 000 Variable expenses 13, 005 Contribution margin 10,003 X 0155:50 Fixed expenses 8, 500 Net operating income $ 1, 500 Required: What is the contribution margin per unit? (Round your answer to 2 decimal places.) Contribution margin per unit3 Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): sales $ 22, 105 variable expenses 12, 700 Contribution margin 9, 405 01 55:20 Fixed expenses 7, 708 Net operating income $ 1, 692 Required: What is the contribution margin ratio? (Round your answer to 2 decimal places.) Contribution margin ratio4 Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales $ 21, 500 Variable expenses 12, 500 Contribution margin 9, 000 01:54:50 Fixed expenses 7, 200 Net operating income $ 1, 800 Required: What is the break-even point in sales dollars? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Break-even point5 Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units]: Sales 23, 900 Variable expenses 13, 300 Contribution margin 10, 603 0154:16 Fixed expenses 7, 632 Net operating income $ 2, 968 Required: What is the break-even point in unit sales? (Do not round intermediate calculations.) Break-even point units6 Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): sales 21, 500 Variable expenses 12, 500 Contribution margin 9, 009 01:53:44 Fixed expenses 7, 200 Net operating income $ 1, 800 Required: If sales increased to 1,001 units, what would be the increase in net operating income? (Round your answer to 2 decimal places.) Increase in net operating income
