Answer full question 1. Now change all of the dollar amounts in the data area of your worksheet so that it looks like this:Chapter 1: Applying Excel2.DataSales$38,0004.Variable costs:5.Cost of goods sold$25,000Variable selling$2,500Variable administrative2$2,300Fixed costs:9.Fixed selling242,50010Fixed administrative2$1,50011678 If your formulas are correct, you should get the correct answers to the following questions.(a) What is the gross margin now?Gross margines(b) What is the net operating income now?Net operating income(c) What is the contribution margin now?Contribution margin

Solution Concept Let us look at the formula used Gross margin = sales – cost of goods sold Net…

Answered: (a) What is the gross margin now? Gross…

Business

Accounting

(a) What is the gross margin now? Gross margin (b) What is the net operating income now? Net operating income

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Answer full question

1. Now change all of the dollar amounts in the data area of your worksheet so that it looks like this:
Chapter 1: Applying Excel
2.
Data
Sales
$
38,000
4.
Variable costs:
5.
Cost of goods sold
$
25,000
Variable selling
$
2,500
Variable administrative
2$
2,300
Fixed costs:
9.
Fixed selling
24
2,500
10
Fixed administrative
2$
1,500
11
678

If your formulas are correct, you should get the correct answers to the following questions.
(a) What is the gross margin now?
Gross margin
es
(b) What is the net operating income now?
Net operating income
(c) What is the contribution margin now?
Contribution margin

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