Problem 2-25 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 $ 765,500 305,000 460,500 Selling expense $ 24,830 Administrative expense 50,14074,970 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 fixe 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 de Per Unit Sales Revenue 765500 250 Variable Expenses Cost of Goods Sold 305000 Administrative Expense 38275 6.50 Selling Expense 19903