Sello Corporation prepared the following to series 5 Salat $2,900 per unit) LESE Cost of goods sold Grossarsi S 120.000 4,368,000 Selling expenses Administrative expenses Income $1,052,00 1,860,000 2,112,800 $2,255,200 01:47:01 Gallop's controller, Nancy Johnstone, studied the costs in detail, particularly focusing on cost behaviour following: Fixed portion of the cost of goods sold for the quarter amounted to $1.040,000 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 Varie places.) Y S 790.00 Cost of goods sold Selling expenses 1,040,000 per quarter per quarter Y- 2. Redo the above income statement using a contribution margin approach. D GALLOP CORPORATION Income Statement For the First Quarter of this Year Less: Variable costs Less: Fixed expenses hp