Problem 2-25 J Vaughn, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31: $ 799,500 374,500 425,000 Sales revenue Cost of goods sold Gross margin Operating expenses Selling expense Administrative expense Net operating income $ 24,580 51,220 75,800 $ 349,200 Vaughn 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. Your answer is partially correct. Try again. 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 o decimal places, e.g. 5,275.) Per Unit Sales Revenue 799500 799500 6 6.50 .50 Activate Windows Go to Settings to activate Windows. Fixed Expenses