Chapter 1: Applying Excell Data Sales $12,000 Variable costs: Cost of goods sold $6,000 Variable selling 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 4Fixed administrative Net operating income