A B 3 Data 4 Sales $12,000 5 Variable costs: 6 Cost of goods sold $6,000 7 Variable selling $600 8 Variable administrative $400 Fixed costs 10 Fixed 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 ? 18 Cost of goods sold ? 19 Gross margin ? 20 Selling and administrative expenses 21 Selling ? 22 Administrative ? ? 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 ? 2 31 Contribution margin ? 32 Fixed expenses 33 Fixed selling ? 34 Fixed administrative ? 2 35 Net operating income 2 36 37