Question

Chapter 1 Homework G Saved Help Save & Exit Submit Required information The Chapter 1 Form worksheet is to be used to create your own worksheet version of Exhibit 1-7 in the text. Part 1 of 2Download the Applying Excel form and enter formulas in all cells that contain question marks For example, in cell C18 enter the formula"-B6" points 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 eBook 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 Print If your worksheet is operating properly, the net operating income under the traditional format income statement and under the contribution 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 Referencesformat income statement should now be $700 and the contribution margin should now be $4,700. If you do not get these answers, find the this worksheet to answer the questions in Part 2.

Answer 1

Chapter 1:Applying Excel
Data
Sales	12000
Variable Costs
Cost of goods sold	6000
Variable selling	600
Variable administrative	400
Fixed Costs
Fixed selling	2500
Fixed administrative	1500
Enter a formula
Exhibit 1.7
Traditional Format Income Statement
Sales		12000
Cost of goods sold		6000
Gross margin		6000
Selling and administrative expenses
Selling	3100
Administrative	1900	5000
Net operating income		1000
Contribution format Income Statement
Sales		12000
Variable expenses
Cost of goods sold	6000
Variable selling	600
Variable administrative	400	7000
Contribution margin		5000
Fixed Costs
Fixed selling	2500
Fixed administrative	1500	4000
Net operating income		1000