Chapter 1: Applying Excel Data Sales $12,000 Variable costs: Cost of goods sold $6,000 Variable selling $600 Variable administrative $400 Fixed costs: Fixed selling $2,500 Fixed administrative $1,500 Enter a formula into each of the cells marked with a ? below Exhibit 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 ?