Mc Graw connect This Excel worksheet form is to be used to recreate Exhibit 1-7. The workbook, and instructions LO1 on how to complete the file, can be found in Connect. 1 Chapter 1: Applying Excel 2 3 Data B C D 4 Sales $12,000 5 Variable costs: 6 Cost of goods sold $6,000 7 Variable selling $600 8 Variable administrative $400 9 Fixed costs: 10 Fixed selling $2,500 11 Fixed administrative $1,500 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 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 ? BY ? ? ? ? ? ? 26 Sales bsoubo? 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 ? laval zin o bozumu 36