Required information The Chapter 1 Form worksheet is to be used to create your own worksheet version of Exhibit 1-7 in the text. 1. Now change all of the dollar amounts in the data area of your worksheet so that it looks like this: 22 A 1 Chapter 1: Applying Excel 3 Data Sales B 456 $ 16,500 Variable costs: Cost of goods sold $ 8,500 7 Variable selling $ 1,100 10 968 Variable administrative $ 900 Fixed costs: Fixed selling $ 2,500 11 Fixed administrative $ 1,500 If your formulas are correct, you should get the correct answers to the following questions. (a) What is the gross margin now?