J Bryant, Ltd. is a local coat retailer. The store’s accountant prepared the following income statement for the month ended January 31. Sales revenue $ 779,000 Cost of goods sold 334,500 Gross margin 444,500 Less operating expenses Selli

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

Bryant 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.

Prepare a contribution format income statement for January. (Round units to 0 decimal places, e.g. 5,275. Round unit cost to 2 decimal places, e.g. 12.25 and all other answers to 0 decimal places, e.g. 45,000.)