request to respond ASAP

Gallop Corporation prepared the following report for the first quarter of this year Sales (@$2,800 per unit) Less: Cost of goods sold Gross margin $7,000,000 3,175,000 3,825,000 Selling expenses Administrative expenses Income $1,075,000 1,110,000 2,185,000 $1,640,000 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 $1.075.000. 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.) Y= IX Cost of goods sold Selling expenses per quarter per quarter Y= + IX 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 Vanable costs Less Fixed expenses