Excel formulas need to be included

File Home Insert Draw Formulas Data Review View Help Calibri 11 B Av .. Ev ab Number B14 X V f A B C D E F G H I SIMS COMPANY Income Statement (Variable Costing) 7 Sales 8 Less: Variable expenses 9 Variable cost of goods sold 10 Variable selling and administrative expenses 0 11 Contribution margin 0 12 Less: Fixed expenses 3 Fixed overhead 14 Fixed selling and administrative expenses o 15 Income (loss Formula must return 16 a POSITIVE value. 17 18 19 20 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. 21 Nothing in this area will be graded, but it will be submitted with your assignment. 22 23 Direct materials 40 per unit 40 24 Direct labor 60 per unit 60 25 Variable overhead 30 per unit 30 26 Fixed overhead 7000000 per year 130 27 Variable selling and administrative expenses 11 per unit 28 Fixed selling and administrative expenses 4250000 per year 29 Units produced 100000 units 30 Units sold 70000 units 31 Sales price 350 per unit 32 8 Question Data 1) Variable Costing 2) Absorption Costing + Calculation Mode: Automatic Workbook Statistics