Chapter 1: Applying Excel 1 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 Fixed costs: Fixed selling $2.500 Fixed administrative $1.500 Enter a formula into each of the cells marked with a .7 below Exhib 1-7 Traditional Format Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling ? Administrative '? Net operating income Contribution Format Income Statement Sales Variable expenses: Cost of goods sold ? Variable selling ? Variable administration '? Contribution margin Fixed expenses: Fixed selling ? Fixed administrative ? Net operating income Chapter I Form a