Answer using excel formula/functions

1 Chapter 1: Applying Excel 2 3 Data 4 Sales $ 12,000 5 Variable costs: 6 Cost of goods sold $6,000 7 Variable selling $600 8 Variable administrative $400 9 Fixed costs: 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 Administrative 2 23 Net operating income 2 ? 2 2 22 2 2 24 25 Contribution Format Income Statement 26 Sales 27 Variable expenses 28 Cost of goods sold 29 Variable selling 30 Variable administration 21 Contribution main D E F A 9 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: Selling ? 22 Administrative 2 23 Net operating income ? ? 2 2 ? 2 2 ? ? 25 Contribution Format Income Statement 26 Sales 27 Variable expenses. 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 2 2 ? 2 ? 2 Chapter 1 Form