Problem D2-25 (Part Level Submission) 0 Sheridan, 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 $ 795,000 311,000 484,000 $24,150 Selling expense Administrative expense 51,800 75,950 Net operating income $ 408,050 Sheridan 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