For areas with ? Please fill in with correct answer. Please include how you got that answer and the formulas used.

1 Chapter 2: Applying Excel 2 3 Data 4 Sales 5 Variable costs: $12,000 6 Cost of goods sold 7 Variable selling 8 Variable administrative $6,000 $600 $400 9 Fixed costs: 10 Fixed selling 11 Fixed administrative 12 13 Enter a formula into each of the cells marked with a ? below 14 Exhibit 2-9 15 $2,500 $1,500 16 Traditional Format Income Statement 17 Sales 18 Cost of goods solcd 19 Gross margin S 12,000 6,000 6,000 20 Selling and administrative expenses 21 Selling 22 Administrative S 2,500 1.500 4,000 23 Net operating income 25 Contribution Format Income Statement 26 Sales 27 Variable expenses: 28 Cost of goods sold 29 Variable selling 30 Variable administration 31 Contribution margin 32 Fixed expenses: 33 Fixed selling 34 Fixed administrative 35 Net operating income