Chapter 1: Applying Excel 3 Data 4 Sales $12,000 5 Variable costs: $6,000 6 Cost of goods sold 7 Variable selling 8 Variable administrative 9 Fixed costs: 10Fixed selling $600 $400 $2,500 $1,500 1Fixed administrative 12 13 Enter a formula into each of the cells marked with a ? below 14 Exhibit 1-7 15 16 Traditional Format Income Statement 17 Sales $ 12,000 18 Cost of goods sold 19 Gross margin 20 Selling and administrative expenses: 21:Selling 22 Administrative 23 Net operating income 24 25 Contribution Format Income Statement 26 Sales $12,000 27 Variable expenses: 28 Cost of goods sold 29 Variable selling 30 Variable administration 31 Contribution margin 32 Fixed expenses 33 Fixed selling 34 Fixed administrative 35 Net operating income 36 37