Problem 2-25 Managerial Accounting

J Sheridan, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31: 

Sales Revenue                                   $795,000

Cost of Goods Sold                             311,000

Gross margin                                        484,000

Operating expense

Selling Expense              $24,150

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.

Please prepare a contribution format income statement for January. Round per unit cost to 2 decimal places and all other answers to 0 decimal palce.