1. Now change all of the dollar amounts in the data area of your worksheet so that it looks like this 1 Chapter 1: Applying Excel 3 Data 4 Sales $ 20,000 5 Variable costs: $10,000 $1000 800 6 7 8 9 Fixed costs: 10 Fixed selling 11 Fixed administrative Cost of goods sold Variable selling Variable administrative 2,500 $1,500 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 15% higher as shown below: 1 Chapter 1: Applying Excel 3 Data 4 Sales S 23,000 5 Variable costs Cost af goods sald Variable sclling S 11,600 1,150 920 8Variable administrativa 9 Fboad costs 10 Flxed selling 11 Fed administrative 2,500 1,500 S 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 15%, which of the following should also increase by 15% 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 cast FIved cost Gross margin Contribution margin Net operating incomo e) when sales increase by 15%, which of the following should increase by more than 15% 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.) Vanable cost Fixed cost Gross magin Contribution margin 7 Net opereting income