Sheridan Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31: $ 795,000 381,600 413,400 Sales revenue Cost of goods sold Gross margin Operating expenses Selling expense Administrative expense Net operating income $ 24,150 51,800 75,950 $ 337,450 Sheridan sells its coats for $ 250 each. Selling expenses consist of fixed costs plus a commission of $ 6.50 per coat Administrative expenses consist of fixed costs plus a variable component equal to 5% of sales, Per Unit Sales Revenue $ 795000 $ 250 Variable Expenses Cost of Goods Sold 381600 120 Selling Expense 20670 6.50 Administrative Expense 39750 1250 i Total Variable Expenses 442020 1139 Contribution Margin 352980 11 Fixed Expenses Selling Expense 3430 Total Variable Expenses 442020 1139 Contribution Margin 352980 Fixed Expenses Selling Expense 3480 1 Administrative Expense 120501 Total Fixed Expenses 15530 Operating income 337450 (b) Your Answer Correct Answer (Used) Using the formaty mx + b develop a cost formula for total expenses. (Round unit cost to 2 decimal places, e.3. 52.75 and all other answers to decimal places, e.g. 5,275.) Operating expenses $ 139.00 X 15.50 $ c) If 3.400 coats are sold next month what is the expected total contribution margin? (Round answer to o decimal places, c.8. 5,275.) Contribution margin$