Bryant, Ltd. is a local coat retailer, The store’s accountant

Bryant, Ltd. is a local coat retailer. The store’s accountant prepared the following income statement for the month ended Ja Sales Revenue Cost of goods sold Gross Margin Less Operating Expenses selling expense admin expense Net operating Income $784,500 342,000 442,500 23,840 50,000 73,840 368,660 Bryant sells its coats for $250 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat. Administrative (a) Prepare a contribution format income statement for January ment for the month ended January 31 6.50 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 5% of sales.