Chapter 1: Applying Excel: Exercise (Algo) (Part 2 of 2) 1. Now change all of the dollar amounts in the data area of your worksheet so that it looks like this: A B 1 Chapter 1: Applying Excel 2 3 Data 4 Sales $ 53,500 5 6 $ 7 $ Variable costs: Cost of goods sold Variable selling Variable administrative Fixed costs: Fixed selling Fixed administrative 27,000 2,700 2,500 8 $ 9 10 S 11 2,500 1,500 $ If your formulas are correct, you should get the correct answers to the following questions. (al What is the cross maroin now? If your formulas are correct, you should get the correct answers to the following questions. (a) What is the gross margin now? Gross margin (b) What is the net operating income now? Net operating income (c) What is the contribution margin now? Contribution margin Se ME 2 (c) What is the contribution margin now? Contribution margin 2. Suppose that sales are 4% higher as shown below: es B 1 Chapter 1: Applying Excel N 3 Data 4 Sales $ 55,640 5 6 6 $ N Variable costs: Cost of goods sold Variable selling Variable administrative Fixed costs: Fixed selling $ 28,080 2,808 2,600 00 8 9 $ 9 10 $ 2,500