Problem 2-25 ) Sheffield, 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 $ 784,500 342,000 442,500 23,840 50,00073,840 Selling expense Administrative expense Net operating income 5 368,660 . Administrative expenses consist of fixed costs plus a variable componentqu Sheffield sells its coats for $250 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat to 5% of sales