2. Prepare Income statements for a merchandising company using the traditional and contribution formats. High-Low Method; Contribution Format Income Statement - Excel FILE HOME INSERT PAGE LAYOUT Calibri 11 AA Paste BIU- A Clipboard E Font Al X V fx A FORMULAS DATA % REVIEW VIEW S th Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Styles To aid in planning, Jay Corporation is preparing a contribution format income B C 1 To aid in planning, Jay Corporation is preparing a contribution format income statement. D E F 21 3 Budgeted information for Quarter 1 of Year 3: 4 Sales in units 5 Sales price per unit $ 17,000 48.00 6 7 After analyzing expenses, the company has determined the following cost patterns. $ 29.00 per unit 8 Cost of goods sold 9 Sales commissions 10 11 Administrative salaries 12 Rent expense 13 14 9.50% per dollar of sales SS $ 45,000.00 per quarter 27,000.00 per quarter $ 36,000.00 per quarter Depreciation expense 15 Management has concluded that shipping expense is a mixed cost. Units shipped and the related shipping cost over the