\begin{tabular}{|l|l|r|} \hline 4 & & \\ \cline { 2 - 3 } 4 & Budgeted information for Quarter 1 of 2024: & \\ \hline 5 & Sales in units & 17,000 \\ \cline { 2 - 3 } 6 & Sales price per unit & $48.00 \\ \hline \end{tabular} 8 After analyzing expenses, the company has determined the following cost patterns. 9 10 11 12 13 14 15 Shipping has been determined to be a mixed cost with the following total costs and units: 16 17 18 19 20 21 22 23 24 25 26 \begin{tabular}{|l|r|} \hline Cost of Goods Sold (per unit) & $29.00 \\ \hline Sales Commissions (per dollar of sales) & 9.50% \\ \hline Administrative Salaries (per quarter) & $45,000 \\ \hline Rent Expense (per quarter) & $27,000 \\ \hline Depreciation Expense (per quarter) & $36,000 \\ \hline \end{tabular} Shipping has been determined to be a mixed cost with the following total costs and units: \begin{tabular}{|l|r|r|} \hline 2022 & \multicolumn{1}{|c|}{ Total Cost } & \multicolumn{1}{|c|}{ Units } \\ \hline Quarter 1 & $67,000 & 12,500 \\ \hline Quarter2 & $94,000 & 21,000 \\ \hline Quarter 3 & $89,800 & 13,800 \\ \hline Quarter 4 & $92,600 & 20,000 \\ \hline 2023 & & \\ \hline Quarter 1 & $72,500 & 13,700 \\ \hline Quarter2 & $80,000 & 14,000 \\ \hline Quarter 3 & $84,000 & 14,300 \\ \hline Quarter 4 & $100,000 & 22,500 \\ \hline \end{tabular} Graded Worksheet Calculation Mode: Automatic Workbook Statistics Give Feedback to Microsoft 100%+ 1. Using the high-low method, determine a cost formula for shipping costs. 46 2. Prepare a contribution margin income statement for Quarter 1 of 2024. 47 48 Jay Corporation Budgeted Income Statement For 2024, Quarter 1 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 65 66 67