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Saved Help Save & Exit mework i Required information The Chapter 1 Form worksheet is to be used to create your own worksheet version of Exhibit 1-7 in the text. Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell C18 enter the formula B6 After entering formulas in all of the cells that contained question marks, verify that the dollar amounts in both the traditional and contribution format income statements match the numbers in Exhibit 1-7 Check your worksheet by changing the variable selling cost in the Data area to $900, keeping all of the other data the same as in Exhibit 1-7. If your worksheet is operating properly, the net operating income under the traditional format income statement and under the contribution format income statement should now be $700 and the contribution margin should now be $4,700. If you do not get these answers, find the errors in your worksheet and correct them. Save your completed Applying Excel form to your computer and then upload it here by clicking “Browse. Next, click Save. You will use this worksheet to answer the questions in Part 2. This question will be sent to your instructor for grading < Prev 910 0,10 İİ Next >
1 Chapter 1: Applying Excel 2 3 Data 4 Sales 5 Variable costs: $12,000 6 Cost of goods sold 7 Variable selling $6,000 $600 $400 8 Vanable administrative 9 Fixed costs: 10 Fixed selling 11 Fxed administrative 12 $2,500 $1,500 13 Enter a fomula 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 Sellng 22 Administrative 23 Net operating income 24 25 Contribution Format Income Statement 26 Sales 27 Variable expenses: 28 Cost of goods sold 29 Variable selling 30 Variable administration 31 Contribution margin 32 Fixed expenses: 33 Fixed seling 34 Fixed administrative 35 Net operating income 36
Check my work 0 Required information The Chapter 1 Form worksheet is to be used to create your own worksheet version of Exhibit 1-7 in the text. 1. Now change all of the dollar amounts in the data area of your worksheet so that it looks like this: 1 Chapter 1: Applying Excel 3 Data 4 Sales 5 Variable costs: 6 Cost of goods sold 7 Variable selling 8 Variable administrative 9 Fixed costs: 10 Fxed selling 11 Fixed administrative S 43,000 $ 22,000 $ 2,200 $ 2,000 $2,500 $ 1,500 < Prev 10 of 10 Next 名。 F1
Check my work 0 Required informatiorn If your formulas are correct, you should get the correct answers to the following questions. (a) What is the gross margin now? (b) What is the net operating income now? (c) What is the contribution margin now? Prev 10 of 10 Next
Check my work 0 Required information 2. Suppose that sales are 29% higher as shown below. 1 Chapter 1: Applying Excel 3 Data $ 55,470 4 Sales 5 Variable costs: 6 Cost of goods sold 7 Variable selling 8 Variable administrative 9 Fixed costs: 10 Fixed selling 11 Fuxed administrative $ 28,380 S 2,838 S 2,580 S 2,500 S 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? < Prev10 of 10i Next
CAIO Required information margin (b) What is the net operating income now? Net operating (c) What is the contribution margin now? d when sales increase by 29%, whichofthefollowing should also increase by 29% C Prev 10 of 10 EE Noxt Next MacBook
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Answer #1

Traditional Income Statement Sales Costof goods sold Gross margin Selling and administrative expenses: Selling expenses (600+ 2500) Administrative expenses (4001500 Total Selling and administrative expenses Net Operating Income 12,000 6,000 6,000 3,100 1,900 5,000 1,000 Contribution Formate Income Statement Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses Total variable expenses Contribution margin Fixed expenses: Selling expenses Administrative expenses Total Fixed expenses Net Income 12,000 6,000 600 400 7,000 5,000 2,500 1,500 4,000 1,000

Gross margin : $6000

Net Operating Income : $1000

Contribution margin : $5,000

Problem : 2

Traditional Income Statement Sales Costof goods sold Gross margin Selling and administrative expenses: Selling expenses (2,200 +2,500 Administrative expenses (2000 +1500) Total Selling and administrative expenses Net Operating Income 43,000 22,000 21,000 4,700 3,500 8,200 12,800 Contribution Formate Income Statement Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses Total variable expenses Contribution margin Fixed expenses: Selling expenses Administrative expenses Total Fixed expenses Net Income 43,000 22,000 2,200 2,000 26,200 16,800 2,500 1,500 4,000 12,800

Gross margin : $21,000

Net Operating Income : $12,800

Contribution margin : $16,800

Problem 3: When sales increased 29%

Traditional Income Statement Sales Costof goods sold Gross margin Selling and administrative expenses: Selling expenses (2,838 +2,500) Administrative expenses (2580 1500) Total Selling and administrative expenses Net Operating Income 55,470 28,380 27,090 5,338 4,080 9,418 17,672 Contribution Formate Income Statement Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses Total variable expenses Contribution margin Fixed expenses: Selling expenses Administrative expenses Total Fixed expenses Net Income 55,470 28,380 2,838 2,580 33,798 21,672 2,500 1,500 4,000 17,672

Gross margin : $27,090

Net Operating Income : $17,672

Contribution margin : $21,672

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