Required information An income statement for Crandall's Bookstore for the first quarter of the current year is presented below CRANDALL'S BOOKSTORE Income Statement for the First Quarter of the Current Year 58ee, een 560, eee 240,000 Sales Less: Cost of Goods Sold - all variable Gross Margin Less: Operating Expenses: Selling Administrative Operating Income $98, eee 98,00 195,000 $44,000 On average, a book sells for $50. Variable selling expenses are $5.50 per book, with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales, with the remainder being fixed: What is the cost formula for operating expenses where X represents the number of books sold? O Y = $98,000 + $8.50X. O Y = $84,000 + $8.50X. ( ) Y = $84,000 + $7.00X. O Y = $98,000 + $7.00X