Chapter 1: Applying Excel Data Sales Variable costs: $12,000 Cost of goods sold Variable selling Variable administrative $6,0001- $600 $400 Fixed costs: Fixed seling $2,500 $1,500 Fixed administrative Enter a formula into each of the cells marked with a ? below Exhibit 1-7 Traditional Format Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling Administrative Net operating income Contribution Format Income Statement Sales Variable expenses: Cost of goods sold Variable selling Variable administration Contribution margin Fixed expenses Fixed selling Fixed administrative Net operating income