use template as a guide.

Gallop's controllec, Nancy Johnstone, studied the costs in detall, particularly focusing on cost behaviour. Her analysis revealed the following: - Fiwed portion of the cost of goods sold for the quarter amounted to $1,042,000. - Or the selling expenses, 20% was varlable with respect to the number of units. - All of the administrative expenses were fixed. Required: 1. Express the cost of goods soid and the selling expenses in terms of cost equations, (Round the "Variable cost" to 2 decimal places.) 2. Re-do and prepare the above income statement using a contribution margin approach. (Do not ) round intermediate calculations.) 2. Re-do and prepare the above income statement using a contribution margin approach. (Do not round intermediate calculations.)