Salto Inc.'s Controller, Susan studied the company's costs in great detail, particularly focusing on cost behaviour. Her analysis revealed that the administration expenses were all fixed and that the fixed portion of the cost of goods sold for the quarter amounted to $1,002,000. In addition, she discovered for each unit sold 20% of the selling costs were attributed to the variable costs with respect to the number of units sold. Below is the first quarter report for Salto Inc at March 31, 2021: Sales $7,540,000 Less: Cost of goods sold 3,212,000 Gross margin 4,328,000 Less: Selling expenses 1,033,500 Administrative expenses Income 1,020,000 1,020,000 $3,308,000 Required: Based on the above calculations, reperform the income statement using the contributi margin approach. (4 marks) (show all calculations)