1. Now change all of the dollar amounts in the data area of your worksheet so that it looks like this: A 1 Chapter 1: Applying Excel. 234 Data B Sales $ 48,500 5 Variable costs 6 Cost of goods sold $ 36,000 7 Variable selling $ 3,600 8 Vanable administrative $ 3,400 9 Fixed costs 10 Fixed selling $ 2,500 11 Fixed administrative $ 1,500 (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 19% higher as shown below: A 1 Chapter 1: Applying Excel B 2 3 Data 4 Sales $ 57,715 5 Variable costs 9 Cost of goods sold $ 42,840 7 Variable selling 8 Vanable administrative $ S 10 4,284 4,046 9 Fixed costs: 10 Fixed selling 11 Fixed administrative SAS $ 2,500 1,500 ^ (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 19%, which of the following should also increase by 19% 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 ?Gross margin ? Contribution margin ? Net operating income (e) When sales increase by 19%, which of the following should increase by more than 19% 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 7 Gross margin ? Contribution margin 7 Net operating income