All answers must be entered as a formula. Click OK to begin. OK Jay Corporation has decided to prepare contribution income statements for internal planning Budgeted information for Quarter 1 of Year 3: 17,000 48.00 iSales 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% 0 Administrative Salaries (per quarter) 45,000.00 Rent Expense (per quarter) $ 27,000.00 2 3 Depreciation Expense (per quarter) 36,000.00 4 61. Prepare a contribution margin income statement for Quarter 1 of Year 3. 7 1. Prepare a contribution margin income statement for Quarter 1 of Year 3. Jay Corporation Budgeted Income Statement For Year 3, Quarter 1 Sales Variable expenses: Cost of goods sold Sales commission:s Total variable expenses Contribution margin Fixed expenses: Adminstrative salaries Rent expense Depreciation expense Total fixed expenses Net operating income