A B 1 Chapter 1: Applying Excel 2 3 Data 4 Sales $12,000 5 Variable costs: 5 Cost of goods sold $6,000 7 Variable selling $600 B Variable administrative $400 9 Fixed costs: 10 Fored selling $2,500 11 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 $ 12,000 18 Cost of goods sold 6,000 19 Gross margin ? 20 Selling and administrative expenses: 21 Selling + ? 22 Administrative 2 ? 23 Net operating income ? 24 25 Contribution Format Income Statement 26 Sales ? 27 Variable expenses: 28 Cost of goods sold ? 29 Variable selling ? 30 Variable administration ? ? 31 Contribution margin 2 32 Fixed expenses: 33 Fixed selling ? 34 Fixed administrative ? ? 35 Net operating income ? 36 ? 2 37