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Editing Question #2 Gallop Corporation Income Statement For the Quarter Ended Sales ($2500 @$2800 per unit) Less COGS Gross Margin 7000000 3840000 3160000 Less Operating Expense Selling Expenses Administrative Expenses Net Income 1024000 1000000 2024000 1136000 65% of the cost of goods sold was variable $800,000 of the selling expense was fixed All the administrative were fixed 1) Complete a Contribution Margin Income Statement given the information above. AutoSave Assignment =2 Template.xlsx - Protected File Home Insert Draw Page Layout Formulas Data Review PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, HZ X fx A F G H B D E 1 Gallop Corporation 2 Contribution Margin Income Statement 3 For the Quarter Ended 4 Sales 5 Less COGS (variable) 6 Less: Selling Expenses (variable) 7 Less: Adminstrative Expenses (variable) 8 Contribution Margin 9 10 Less Operating Expense 11 Less COGS (fixed) 12 Selling Expenses (fixed) 13 Adminstrative Expenses (fixed) 14 Net Income 15 9 20 1 OWN ON ON Question Question 2 heario