Problem 2-25 1 Crane, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31: Sales revenue Cost of goods sold Gross margin Operating expenses S 765,500 305,000 460,500 Selling expense Administrative expense 50,140 74,970 $ 24,830 Net operating income $ 385,530 Crane 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. Your answer is partially correct. Try again. Prepare a contribution format income statement for January. (Round per unit cost to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) Per Unit Sales Revenue 765500 875000 Variable Expenses Cost of Goods Sold 305000 363178 Selling Expense 19903 363178 Administrative Expense 38275 363178 Total Variable Expenses v Contribution Margin Fixed Expenses Selling Expense 4927 Administrative Expense 11865 Total Fixed Expenses Operating Income