Western Cowboys Inc. prepared the following report for the rst quarter of this year: Sales (@ $2, ?00 per unit) $6, 480, 000 Less: Cost of goods sold 3, 232, 000 Gross margin 3, 243, 000 Less: Selling expenses $1,044, 000 Administrative expenses 1,040, 000 2, 034, 000 Income $1, 164, 000 Western's accountant, Ms. Lasso, studied the costs in detail, particularly focusing on cost behaviour Her analysis revealed the following: a Fixed portion of the cost of goods sold for the quarter amounted to $1,024,000. - Of the selling expenses, 20% was variable with respect to the number of units. - All of the administrative expenses were xed. Required: 1. Express the cost of goods sold and the selling expenses in terms of cost equations. (Round the "Variable cost" to 2 decimal places.) Cost of goods sold per quarter Selling expenses Y: per quarter 2. Redo the above income statement using a contribution margin approach. (Do not round intermediate calculations.) Less: Variable costs Less: Fixed expenses