A B - F G H Req. 1: Enter $900 for the green variable selling cell in the data section. The Net Operating Income should now be $700 and the Contribution Margin should be $4,700 in red bold text. If not, go back to the formulas page, make corrections, press the copy formulas button, and recheck your answers until they are correct. When correct, answer the questions below. $12,000 $6,000 ?I $400 How much is the gross margin? $2,500 $1,500 Did the Gross Margin change from the previous Formulas page? ? ? ? ? 1 Chapter 1: Applying Excel 2 3 Data 4 Sales 5 Variable costs: 6 Cost of goods sold 7 Variable selling 8 Variable administrative 9 Fixed costs: 10 Fixed selling 11 Fixed administrative 12 13 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 31 Contribution margin 32 Fixed expenses: 33 Fixed selling 34 Fixed administrative 35 Net operating income 36 37 38 39 40 41 42 43 ? Why or why not? ? ? ? ? ? ? ? ? ? ? ? ? Formulas Req 1 Ch1 Req 2 Ch1 +