PLEASE HELP

O Required information Chapter 1: Applying Excel Step 1: Download the Applying Excel form located on the left hand side, under files, if you have trouble, the file is also located in D2L under Course Administration Step 2: Then enter formulas in all cells that contain question marks. For example, in cell C18 enter the formula = 36 Step 3: Check your worksheet by changing the variable selling cost in the Data area to $900, keeping all of the other data the same. 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 $4700 W you do not get these answers, find the errors in your worksheet and correct them Step 4: Proceed to the requirements below only after completing your worksheet as it will be used to answer the following questions. 1. Now change all of the dollar amounts in the data area of your worksheet so that it looks like this: B A Chapter 1: Applying Excel 1 2 3 $ 26,000 4 5 6 $ Data Sales Variable costs Cost of goods sold Variable selling Variable administrative Fixed costs Fixed selling Fixed administrativo 13,000 1,300 7 $ S 8 1.100 9 10 $ $ 2.500 1,500 11 If your formulas are correct, you should get the correct answers to the following questions (a) What is the gross margin now? Gross margin (b) What is the net operating income now? Net operating income (c) What is the contribution margin now? Contribution margin 2. Suppose that sales are 7% higher as shown below: A B 1 Chapter 1: Applying Excel 2 3 Data A A $ 27,820 5 6 $ $ 7 Sales Variable costs Cost of goods sold Variable selling Variable administrative Fixed costs Fixed selling Fixed administrative 13,910 1,391 1,177 8 $ 9 10 $ 2,500 1,500 11 $ 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? Gross margin 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? Gross margin (b) What is the net operating income now? Net operating income (c) What is the contribution margin now? Contribution margin (d) When sales increase by 7%, which of the following should also increase by 7% 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 o wrong answer. Any boxes left with a question mark will be automatically graded os incorrect) 2 Variable cost Fixed cost 2 Gross margin 2 Contribution margin Net operating income (e) When sales increase by 7%, which of the following should increase by more than 7% 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 o wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Variable cout Fixed cost 2 Gross margin 2 Contribution margin 2 Net operating income