1 Jay Corporation has decided to prepare contribution income statements for internal planning. 2 3 Budgeted information for Quarter 1 of Year 3: 4 Sales in units 5 Sales price per unit 6 $ 17,000 48.00 7 After analyzing expenses, the company has determined the following cost patterns. 88 Cost of Goods Sold (per unit) 9 Sales Commissions (per dollar of sales) $ 29.00 9.50% 10 11 Administrative Salaries (per quarter) $ 45,000.00 12 Rent Expense (per quarter) $ 27,000.00 13 Depreciation Expense (per quarter) $ 36,000.00 14 15 16 1. Prepare a contribution margin income statement for Quarter 1 of Year 3. 17 18 19 20 21 Jay Corporation Budgeted Income Statement For Year 3, Quarter 1 22 Sales 23 Variable expenses: 24 Cost of goods sold