Jay Corporation has provided data from a two-year period to aid in planning. The Controller has asked you to prepare a contribution format income statement. Budgeted information for Quarter 1 of 2024: Sales in units. Sales price per unit After analyzing expenses, the company has determined the following cost patterns. Cost of Goods Sold (per unit) Sales Commissions (per dollar of sales) $29.00 9.50% Administrative Salaries (per quarter). Rent Expense (per quarter) Depreciation Expense (per quarter) Shipping has been determined to be a mixed cost with the following total costs and units: Total Cost $ 67,000 $ 94,000 $ 89,800 $92,600 2022 Quarter 1 Quarter 2 Quarter 3 Quarter 4 2023 Quarter 1 Quarter 2 Quarter 3. Quarter 4 $ 72,500 $ 80,000 $ 84,000 $ 100,000 Required: Use the data to answer the following. X 17,000 $48.00 Open Excel in new tab Units 12,500 21,000 13,800 20,000 13,700 14,000 14,300 22,500 1. Using the high-low method, determine a cost formula for shipping costs. 2. Prepare a contribution margin income statement for Quarter 1 of 2024. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. $ 45,000 $ 27,000 $ 36,000 1. Using the high-low method, determine a cost formula for shipping costs. High level of activity Low level of activity Change in activity Variable cost per unit Fixed cost portion: Total cost at high level of activity Less: Variable cost element Total fixed cost Total Cost Units 2. Prepare a contribution margin income statement for Quarter 1 of 2024. Sales Variable expenses: Cost of goods sold Sales commissions. Shipping expense Total variable expenses Contribution margin Fixed expenses: Adminstrative salaries Rent expense Shipping expense Depreciation expense Total fixed expenses Net operating income Jay Corporation Budgeted Income Statement For 2024, Quarter 1