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Chapter 1: Applying Excel: Excel Worksheet (Part 1 of 2) Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell C18 enter the formula "= B6". 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 selling cost in the Data area to $900, keeping all of the other data the same as in Exhibit 1-7. 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. \begin{tabular}{|c|c|c|c|c|} \hline & A & B & C & D \\ \hline 1 & Chapter 1: Applying Excel & & & \\ \hline 2 & & & & \\ \hline 3 & Data & & & \\ \hline 4 & Sales & $12,000 & & \\ \hline 5 & Variable costs: & & & \\ \hline 6 & Cost of goods sold & $6,000 & & \\ \hline 7 & Variable selling & $600 & & \\ \hline 8 & Variable administrative & $400 & & \\ \hline 9 & Fixed costs: & & & \\ \hline 10 & Fixed selling & $2,500 & & \\ \hline 11 & Fixed administrative & $1,500 & & \\ \hline 12 & & & & \\ \hline 13 & Enter a formula into each of the cells marh & with a ? b & & \\ \hline 14 & Exhibit 1-7 & & & \\ \hline 15 & & & & \\ \hline 16 & Traditional Format Income Statement & & & \\ \hline 17 & Sales & & ? & \\ \hline 18 & Cost of goods sold & & ? & \\ \hline 19 & Gross margin & & ? & \\ \hline 20 & Selling and administrative expenses: & & & \\ \hline 21 & Selling & ? & & \\ \hline 22 & Administrative & ? & ? & \\ \hline 23 & Net operating income & & ? & \\ \hline 24 & & & & \\ \hline 25 & Contribution Format Income Statement & & & \\ \hline 26 & Sales & & ? & \\ \hline 27 & Variable expenses: & & & \\ \hline 28 & Cost of goods sold & ? & & \\ \hline 29 & Variable selling & ? & & \\ \hline 30 & Variable administration & ? & ? & \\ \hline 31 & Contribution margin & & ? & \\ \hline 32 & Fixed expenses: & & & \\ \hline 33 & Fixed selling & ? & & \\ \hline 34 & Fixed administrative & ? & ? & \\ \hline 35 & Net operating income & & ? & \\ \hline 36 & & & & \\ \hline 37 & & & & \\ \hline \end{tabular}