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Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell C18 enter the formula =86 ". After entering formulas in all of the cells that contained question marks, verify that the dollar amounts in both the traditional and contribution format income statements match the numbers in Exhibit 1-7. Check your worksheet by changing the variable seiling cost in the Data area to $900, keeping all of the other data the same as in Exhibit 17. If your worksheet is operating properly, the net operating income under the traditional format income statement and under the contribution format income statement should now be $700 and the contribution margin should now be $4,700. If you do not get these answers, find the errors in your worksheet and correct them, Save your completed Applying Excel form to your computer and then upload it here by clicking "Browse," Next, click "Save," You will use this worksheet to answer the questions in Part 2. Chapter 1: Applying Excel Enter a formula into each of the cells marked with a ? below Exhibit 1-7 1. Now change all of the dollar amounts in the data area of your worksheet so that it looks like this: If your formulas are correct, you should get the correct answers to the following questions. (a) What is the gross margin now? (b) What is the net operating income now? (c) What is the contribution margin now? 2. Suppose that sales are 14% higher as shown below: Enter this new data into your worksheet. Make sure you enter all of the new data - not just the sales. (a) What is the gross margin now? (b) What is the net operating income now? (c) What is the contribution margin now? (d) When sales increase by 14%, which of the following should also increase by 14% in a merchandising company? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Variable cost ! Fixed cost 1. Gross margin Contribution margin I. Net operating income (e) When sales increase by 14%, which of the following should increase by more than 14% in a merchandising company? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) \{. Variable cost ! Fixed cost It Gross margin Contribution margin I Net operating income