140 7 B 1 Chapter 1: Applying Excel 2 3 Data 4 Sales $12,000 5 Variable costs: $6,000 6 Cost of goods sold $600 Variable selling $400 8 Variable administrative 9 Fixed costs: 10 Fixed selling $2,500 Fixed administrative $1,500 12 13 Enter a formula into each of the cells marked with a ? below 14 Exhibit 1-7 15 16 Traditional Format Income Statement 17 Sales ? 18 Cost of goods sold ? 19 Gross margin ? 20 Selling and administrative expenses. 21 Selling ? 22 Administrative ? 2 23 Net operating income 2. 24 25 Contribution Format Income Statement 26 Sales 2 27 Variable expenses 28 Cost of goods sold P 29 Variable selling ? 30 Variable administration ? 31 Contribution margin ? 32 Fixed expenses 33 Fixed selling ? 34 Fixed administrative 35 Net operating income ? 36 37 38