The Chapter 1 Form worksheet is to be used to create your own worksheet version of Exhibit 1-7 in the text. of 2 1. Now change all of the dollar amounts in the data area of your worksheet so that it looks like this: B 1 Chapter 1: Applying Excel 2 on Data ok 4 $ 19,000 5 6 ces '$ 7 Sales Variable costs: Cost of goods sold Variable selling Variable administrative Fixed costs: Fixed selling Fixed administrative $ $ 12,000 1,200 1.000 8 9 10 $ 2,500 1,500 11 $ If your formulas are correct, you should get the correct answers to the following questions. (a) What is the gross margin now? Required information If your formulas are correct, you should get the correct answers to the following questions. (a) What is the gross margin now? Gross margin (b) What is the net operating income now? Net operating income (c) What is the contribution margin now? Contribution margin 2. Suppose that sales are 24% higher as shown below: Part 2 of 2 B 1 Chapter 1: Applying Excel 1 points N- 3 Data $ eBook 23,560 Print 5 6 7 References $ $ Sales Variable costs: Cost of goods sold Variable selling Variable administrative Fixed costs Fixed selling Fixed administrative 14,880 1,488 1,240 8 $ 9 10 $ 2,500 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 margin 2 of 2 Enter this new data into your worksheet. Make sure you enter all of the new data - not just the sales. @) What is the gross margin now? Gross margin Book rences (6) What is the net operating income now? Net operating income (c) What is the contribution margin now? Contribution margin