Chapter 10: Applying Excel: Exercise Requirement 2: Revise the data in your worksheet as follows: A B 1 Chapter 10: Applying Excel 2. 3 Data 4 5 Sales Net operating income Average operating assets Minumum required rate of retum $ 12,000,000 $ 1,320,000 $ 6,000,000 26% 6 7 If your formulas are correct, you should get the correct answers to the following questions. a. What is the ROI? ROI % b. What is the residual income? (Negative amount should be indicated by a minus sign.) Residual income c. Why is the residual income negative? The ROI is less than the minimum required rate of return The ROI exceeds the minimum required rate of return The ROI equals the minimum required rate of return Sales exceed average operating assets