Required information 2. Suppose that sales are 17% higher as shown below: A Chapter 1: Applying Excel 1 2 Data 3 Sales $ 102,960 Variable costs: 5 6 Cost of goods sold 51,480 $ 7 Variable selling 5,148 $ 4,914 8 Variable administrative Fixed costs: 9 CO Required information vanable administrative 4,914 9 Fixed costs: Fixed selling 10 2,500 $ Fixed administrative 11 $ 1,500 Enter this new data into your worksheet. Make sure you enter all of the new data - not just the sales (a) What is the gross margin now? Gross marain Required information (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 17%, which of the following should also increase by 179% 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 7 Fixed cost 7 Gross margin Contribution margin co (e) When sales increase by 17% , which of the following should increase by more than 17 % 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 7 Fixed cost Gross margin ? Contribution margin Alet onesntin ine Required information with a question mark will be automatically graded as incorrect.) ?Variable cost ? Fixed cost ?Gross margin ? Contribution margin ? Net operating income