request to respond ASAP

Gallop Corporation prepared the following report for the first quarter of this year: Sales ( $3,000 per unit) Less: Cost of goods sold Gross margin Less: Selling expenses Administrative expenses Income $7,200,000 3,322,800 3,878,000 $1,088,400 1,130,000 2,218,400 $1,659,600 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 $1,258,000. . 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 X + 2. Redo the above income statement using a contribution margin approach. (Do not round intermediate calculations.) or the First Quarter of this Year Less: Variable costs Less: Fixed expenses Net income G Net loss